Teva Chief Jeremy Levin Quits Abruptly

Teva Pharmaceutical Industries announced Wednesday that its president and CEO for the past two years, Jeremy Levin, has agreed to step down.

The company, which is the world’s largest manufacturer of generic drugs, said that on an interim basis, the top spot would be filled by Eyal Desheh, Teva’s executive vice president and chief financial officer.

Just days before, Levin had denied a report by Channel 2 that he was considering resigning. Trading in shares of Teva were halted following the announcement of Levin’s departure.

“Since I joined Teva, we have made tremendous progress in setting a new course for the company,” Levin said following his resignation. “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.”

Levin’s departure follows a rift between company management and its board following public criticism of Teva for plans to lay off 5,000 worldwide and over tax incentives the firm received in Israel.

For more go to Haaretz

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Teva Chief Jeremy Levin Quits Abruptly

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