The turmoil at Teva Pharmaceutical Industries, Ltd., reached a new high Wednesday morning when the company announced that Chief Executive Officer Jeremy Levin "has agreed" with the board of directors to step down.
Levin was hired on Jan. 1, 2012 and didn't start until May of 2012. The company is based in Israel, but has big operations in suburban Philadelphia. Chief Financial Officer Eyal Desheh will take over as interim CEO.
Teva's statement is here:
JERUSALEM--(BUSINESS WIRE)--Oct. 30, 2013-- Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) announced today that its Board of Directors has agreed with Dr. Jeremy Levin that he will step down as President and Chief Executive Officer. The Board has 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, and it has formed a committee that will promptly begin to search for a permanent successor.
Dr. Phillip Frost, Chairman of the Board, stated “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.”
“Since I joined Teva, we have made tremendous progress in setting a new course for the Company,” said Dr. Jeremy Levin. "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.”
"I have full confidence in the ability of Teva's management and employees to achieve our goals and execute the strategy laid out for the Company,” said Eyal Desheh, who has served at Teva for over 12 years, including the last five as Chief Financial Officer. “My colleagues in Teva's management and I will continue to drive execution and results in full collaboration with our Board of Directors, for the benefit of our patients, shareholders, customers and employees."
As previously scheduled, Teva will report its third quarter 2013 financial results on October 31, 2013.