Teva looks set to name Erez Vigodman as new CEO

7 January 2014

Speculation is mounting that Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) is about to appoint a new chief executive, after ousting 18-month incumbent of the post, Jeremy Levin, last October amid a board conflict over the implementation of restructuring initiatives and disagreements with chairman Philip Frost (The Pharma Letter October 30, 2013).

Last week, the Israeli newspapers Globes and TheMarket reported that Erez Vigodman – already a Teva board member and head of agro-chemicals group Makhteshim Agan - would be announced as Teva's CEO later this month or in early February, when the company reports 2013 full-year and fourth-quarter financial results.

Activist Teva investor Benny Landa endorsed the proposed nomination of Mr Vigodman as the company’s new CEO. “As critical as I am of Teva’s board, I think this time they got it right,” said Mr Landa, in a letter to shareholders yesterday that was obtained by Bloomberg News and also seen by the UK’s Financial Times.

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