Chairman relinquishes post to serve as Teva's interim CEO

JERUSALEM, Israel — Erez Vigodman is stepping down as president and chief executive officer of Teva Pharmaceutical Industries Ltd.

Erez Vigodman

Teva said late Monday that it has appointed chairman Yitzhak Peterburg as interim president and CEO, effective immediately.

In addition, Teva’s board of directors has elected Sol Barer, a board member since January 2015, as chairman. Under Israeli law, Peterburg was required to step down as chairman to serve as interim chief executive.

Vigodman’s resignation stems from a mutual agreement reached with Teva’s board, the company said, adding that Vigodman also is stepping down as a board member.

“I believe that now is the right time for me to step down,” Vigodman said in a statement. “It has been a privilege to lead Teva, and I am proud of all we have accomplished. I am confident that the company’s future is bright.”

Vigodman had served as Teva president and CEO since February 2014. He joined Teva’s board in 2009. From 2010 to 2014, he was president and CEO of Adama Agricultural Solutions Ltd., an agrochemical company.

Teva said its board has retained an executive search firm to find a permanent CEO.

Peterburg became Teva’s chairman at the start of 2015 after rejoining the company’s board in 2012. He had held the post of group vice president of global branded products at Teva from October 2010 to October 2011 following a stint on the Teva board from 2009 until July 2010.

Yitzhak Peterburg

“The company is focusing on executing its strategic priorities to transform Teva, with immediate focus on realizing the cost synergies and strategic benefits of the Actavis Generics acquisition. I look forward to working with the entire Teva team to conduct a thorough review of the business to find additional opportunities to enhance value for shareholders,” Peterburg stated.

“Teva has a deep bench of talented leaders, and today’s announcement has no impact on our ability to execute going forward,” he added. “With the strength of our generics pipeline, unique R&D capabilities and unparalleled footprint, coupled with our existing assets and growing pipeline in specialty medicines, I believe in Teva and the company’s long-term growth prospects.”

Barer has been on Teva’s board since January 2015. Prior to that, he spent most of his career at Celgene Corp., including as chairman from January 2011 to June 2011, executive chairman from June 2010 to January 2011, and chairman and CEO from May 2006 to June 2010.

“We are grateful to Yitzhak for taking on the role of interim CEO. Teva’s board of directors, with its decades of collective pharmaceutical industry experience, will continue to play an active role in driving the company’s strategy, and I look forward to working with the management team to execute on the value creation opportunities ahead,” Barer commented. “We intend to conduct a comprehensive search to identify the best person to lead the company for years to come. On behalf of the board, I want to thank Erez for his many contributions to Teva over the years and wish him well in the future.”