Teva elects new chairman of the board

Teva has announced the appointment of Professor Yitzhak Peterburg as the new chairman of its board, succeeding Dr Phillip Frost.

Professor Peterburg has served as a member of the board from 2009 to 2010 and then again from 2012 to the present time. Between these spells, he was the company's senior vice-president for global branded products.

He will take up the post of chairman on January 1st 2015 and will succeed Dr Phillip Frost, who previously announced plans to step down by the end of the year. The outgoing chairman has also confirmed that he will not stand for reelection as a director at the upcoming annual general meeting.

To maintain the size and composition of the board, Teva will also appoint Dr Sol Barer as a director at the start of next year.

Dr Frost said: "After an extensive international search, the board determined that Yitzhak is best placed to provide the leadership and vision we need to strengthen Teva's position as a global player in the pharmaceutical industry."

This comes after the firm appointed Erez Vigodman as its president and chief executive officer earlier this year.