Teva confirms new president and chief executive

Teva has announced that Erez Vigodman has been selected as the next president and chief executive officer (CEO) of the company.

The new chief executive will take up the role on February 11th 2014, succeeding acting CEO Eyal Desheh, who will return to his previous position as group executive vice-president and chief financial officer.

Mr Vigodman is currently employed as the president and CEO of Makhteshim Agan Industries, the world's leading generic agrochemical company, and will leave this position on February 6th. 

He has led the firm since 2010 and has been credited with returning the business to profitability by improving day-to-day operations and investing in high-growth areas, demonstrating his proficiency in devising business strategies.

Dr Phillip Frost, chairman of the board of directors at Teva, said: "Erez has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running and deliver value for shareholders."

Teva previously replaced its CEO in 2012, with Shlomo Yanai leaving the company to be succeeded by Jeremy Levin. Mr Levin stepped down from the position with immediate effect last October.