Teva CEO resigns days after denying departure rumors

By Gareth Macdonald contact

- Last updated on GMT

Related tags: Corporate governance, Board of directors

Teva CEO resigns days after denying departure rumors
Teva CEO resigns days after denying departure rumors
Teva CEO Jeremy Levin has resigned just days after he denied rumours he would leave and called the speculation "an invention."

Earlier today the Israeli firm announced that Levin will step down and be replaced by current chief financial officer Eyal Desheh. The company also said that its board of directors has formed a committee to begin the search for a permanent successor.

Rumours that Levin would resign from his year-long tenure as Teva’s CEO emerged earlier this week, with much of the speculation focusing on alleged differences of opinion with company chairman Phillip Frost related to the firm’s plans to cut 5,000 jobs.

No clear reason for Levin's sudden departure are given, although Frost did mention the cutbacks in his official statement.

Frost said: “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​.”

Levin commented that: “Since I joined Teva, we have made tremendous progress in setting a new course for the Company​,” adding that "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.”

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