Teva’s CEO resigns

The world's largest generic drugmaker, Teva Pharmaceutical Industries, has announced that Dr Jeremy Levin is to step down from his position as President and CEO.

Teva's Board of Directors have named Eyal Desheh, Teva's Executive Vice President and Chief Financial Officer, to fill the role of President and Chief Executive Officer on an interim basis, effective immediately.

"Since I joined Teva, we have made tremendous progress in setting a new course for the Company. I wish the Company and its people, who I respect greatly, every success. I look forward to pursuing new opportunities where I can continue to apply my experience and contribute to the evolution of the global pharmaceutical industry."

Dr Jeremy Levin.

The Board has formed a committee that will promptly begin to search for a permanent successor.

"On behalf of the entire Board of Directors, I would like to thank Dr. Jeremy Levin for his meaningful contribution to Teva during the last two years. The Board and management team are fully committed to the implementation of Teva's strategy, including the development of new compounds, making strategic acquisitions, forming joint ventures and the planned acceleration of the Company's cost reduction program."

Dr. Phillip Frost, Chairman of the Board, Teva.

Earlier this month, Teva announced plans to cut approximately 5,000 employees of its global workforce in order to accelerate the reduction of costs and to optimize its structures and processes. There are rumours that Dr Levin has stepped down due to strategy differences.

The Israel-based pharma company will still go ahead and report its third quarter 2013 financial results as scheduled on the 31st October 2013.