Teva appoints Dr. Yitzhak Peterburg as interim chief executive officer, succeeding Erez Vigodman.
Teva Pharmaceutical Industries Ltd. announced that Dr. Yitzhak Peterburg, who has served as chairman of the Teva board of directors since January 2015, has been appointed Interim president and chief executive officer, effective immediately. This follows the mutual agreement between the board of Teva and Erez Vigodman that Vigodman is stepping down. Vigodman’s service on the Teva board of directors has also ended.
In accordance with the Israeli Companies Law, Peterburg has stepped down from his role as chairman in order to serve as interim chief executive officer. Prior to rejoining Teva’s board of directors in 2012, Peterburg led the company’s innovative R&D efforts as Teva’s group vice president, global branded products, from October 2010 until October 2011, after serving on Teva’s board of directors from 2009 until July 2010. Previously, he served as president and CEO of Cellcom Israel Ltd. from 2003 to 2005, director general of Clalit Health Services, the leading healthcare provider in Israel, from 1997 to 2002, and CEO of Soroka University Medical Center, Beer-Sheva, from 1995 to 1997.
The board has elected Dr. Sol J. Barer, who has been a member of the Teva board since January 2015, as chairman. Barer brings deep knowledge of the global pharmaceutical industry. He was a founder of the biotechnology group at Celanese Corporation, later spun off as Celgene Corporation, where he served in top leadership roles from 1987 to 2011, including as chairman and CEO from 2007 to 2010.
The company’s board of directors is undertaking a search to identify a permanent chief executive officer with the assistance of a search firm.
“I believe that now is the right time for me to step down,” said Vigodman. “It has been a privilege to lead Teva, and I am proud of all we have accomplished. I am confident that the company’s future is bright.”
Peterburg said, “The company is focusing on executing its strategic priorities to transform Teva, with immediate focus on realizing the cost synergies and strategic benefits of the Actavis Generics acquisition. I look forward to working with the entire Teva team to conduct a thorough review of the business to find additional opportunities to enhance value for shareholders. Teva has a deep bench of talented leaders and today’s announcement has no impact on our ability to execute going forward. With the strength of our generics pipeline, unique R&D capabilities and unparalleled footprint, coupled with our existing assets and growing pipeline in specialty medicines, I believe in Teva and the company’s long-term growth prospects.”
Barer said, “We are grateful to Yitzhak for taking on the role of interim CEO. Teva’s board of directors, with its decades of collective pharmaceutical industry experience, will continue to play an active role in driving the company’s strategy, and I look forward to working with the management team to execute on the value creation opportunities ahead. We intend to conduct a comprehensive search to identify the best person to lead the company for years to come. On behalf of the board, I want to thank Erez for his many contributions to Teva over the years and wish him well in the future.”
As previously announced, Teva will release its fourth quarter 2016 financial results on Monday, February 13, 2017 at 7:00 a.m. ET.
(Source: Business Wire)