Teva chairman to step down by year end

The chairman of Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generic drugs company, has indicated that he will step down from his position by year-end.

In a letter to shareholders posted with the Securities and Exchange Commission, Phillip Frost stated: “with the progress we have made, and continue to make, at Teva, I have advised the board that I believe it will be appropriate for me to step down as chairman approximately by the end of this year. Our Corporate Governance and Nominating Committee is working on a succession plan.”

He also noted that “corporate governance is a priority for the board, and we will continue to evaluate the size and composition of the board to ensure that we maintain dynamic, exceptionally qualified leadership,” and said that Teva's board has been reduced by a net two members, to 13 from 15.