Teva ‘set to appoint new chief executive’

Teva is set to appoint Erez Vigodman as its new chief executive, according to reports today (January 3rd). 

Financial news website TheMarker said it believes Teva is set to unveil Mr Vigodman at the JP Morgan Healthcare Conference, which is due to be held in San Francisco on January 13th.

Mr Vigodman, a former director at the company, had been thought to be favourite for the job since Jeremy Levin opted to step down at the end of October, citing a difference of opinion and future strategy with the rest of the board.

Over the last 12 months, Teva – which is the world's largest generic drugmaker – has been attempting to restructure its operations and has reduced its workforce by ten per cent, laying off 5,000 employees. 

This comes as it prepares for low-priced versions of its best-selling multiple sclerosis treatment Copaxone to hit the market. It is thought such copycat drugs could be available as soon as early May.