Teva Pharmaceutical says CEO Jeremy Levin has resigned

Israel-based Teva Pharmaceutical Industries (NYSE: EVA), say that, despite its recent denials of a rift with its chief executive, its board of directors has agreed with Jeremy Levin that he will step down as president and CEO, just 18 months after assuming the positions at Teva, the world’s largest generics firm.

The board has named Eyal Desheh, Teva's executive vice president and chief financial officer, to fill both roles on an interim basis, effective immediately, and it has formed a committee that will promptly begin to search for a permanent successor.

On Sunday evening, Israel’s Channel 2 News reported that there were severe tensions between Dr Levin and Teva chairman Phillip Frost and that they could not work together and that Dr Levin had threatened to resign. Teva denied the report, commented Israeli newspaper Globes. Trading in Teva's shares was suspended on TASE this morning following the unexpected announcement.