Teva’s president and CEO steps down

Teva has announced that Jeremy Levin, its president and chief executive officer (CEO), is stepping down from his post with immediate effect.

Eyal Desheh, the firm's executive vice-president and chief financial officer, has agreed to fill the role on an interim basis, while a committee has been formed that will now begin a search for a permanent successor.

Mr Levin was thanked for the significant contributions he has made to the company in the last two years, having taken over in the CEO role from Shlomo Yanai early in 2012.

A former senior executive at Bristol-Myers Squibb, he has helped to set a new strategic course for Teva and is now seeking opportunities elsewhere.

His temporary successor Mr Desheh has been with Teva for more than 12 years, including five as chief financial officer.

Dr Phillip Frost, chairman of the board at Teva, said: "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 programme."