Teva CEO 'agrees' to resign

Jeremy Levin has stepped down as CEO of Teva
Jeremy Levin has stepped down as CEO of Teva
Posted: November 01, 2013

Generic-drug giant Teva Pharmaceutical Industries Ltd. surprised the financial community Wednesday by announcing that chief executive officer Jeremy Levin had "agreed" with the board of directors to resign immediately, less than two years after joining the company.

Chief financial officer Eyal Desheh will take over as interim CEO.

Teva sells more generic prescription medicine than any other company, but it also relies on a brand-name multiple sclerosis drug called Copaxone and collaborates with Procter & Gamble on selling consumer products. Desheh said Teva expected total revenue for 2013 to be between $19.7 billion and $20.3 billion, and it will release third-quarter financial results Thursday. Those numbers might shed more light on Teva's struggle in recent years to help its stock price by reorganizing to increase profit through the right mix of higher-margin brand-name drugs, generics, and cost-cutting.

Levin was hired Jan. 1, 2012, to make all that happen. He announced a $1.5 billion to $2 billion cost-cutting plan and then said in early October the pace of change would quicken, including plans to slice 5,000 more jobs by the end of 2015.

Teva is Israel's largest publicly traded company, and employs about 2,300 people in Pennsylvania, including its Americas headquarters in North Wales. A spokeswoman declined to say if there would be a tangible effect on Philadelphia-area facilities and employees.


dsell@phillynews.com

215-854-4506

@phillypharma

www.inquirer.com/phillypharma

comments powered by Disqus
|
|
|
|
|