Israeli pharmaceutical manufacturer Teva Pharmaceutical Industries (NYSE:TEVA) President and Chief Executive Officer Dr. Jeremy Levin has announced his resignation, effective immediately. He has been on the job less than two years.
Early Wednesday morning, Teva confirmed that Levin will be replaced on an interim basis by company Executive Vice President and Chief Financial Officer Eyal Desheh. The company said its board and Levin agreed that he will step down. Meanwhile, the company's board will search for a more permanent replacement.
In a statement, Teva Chairman Dr. Phillip Frost thanked Levin for his "meaningful contribution to Teva during the last two years." For his part, Levin said he "wish[ed] the Company and its people, who I respect greatly, every success."
Newly promoted Desheh noted in a statement that he has "full confidence in the ability of Teva's management and employees to achieve our goals and execute the strategy laid out for the Company." The news of Levin's departure came a day before Teva is due to report its fiscal Q3 2013 earnings results.
Teva has struggled in recent quarters with declining sales for both generic and brand-name drugs. The drugmaker announced a restructuring in 2012 and said earlier this month that it planned to cut 5,000 employees, or about 10% of the global workforce, by the end of next year. The company took heavy criticism for the cuts in its home country, where it is affectionately known as "Israel's company."
-- Material from The Associated Press was used in this report.
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