New Teva CEO Boosts Share Price

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has appointed Dr. Jeremy Levin as Teva’s new president and CEO. Levin joins Teva after serving as business development manager at Bristol-Myers Squibb (NYSE:BMY) and Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ). Earlier, he was CEO of

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Cadus Pharmaceuticals, a company he took public.
He replaces Shlomo Yanai who is leaving after 5 years in the position.

South African-born Levin will be moving to Israel from the U.S.

He takes over the reins of the company at a time when shareholders have expressed disappointment with the company’s performance. He also will have to work with a Board of Directors with members that have been described as stubborn and opinionated.

Teva’s share price rose with the announcement of Levin’s appointment.

“Teva is a special company, an Israeli company, and it will stay that way. This is a company where the actions of its managers and employees help millions of people around the world every day. There is no more successful realization of a vision than to work in the pharmaceutical industry,” said Levin at the press conference.

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