Over the night, Israeli giant Teva Pharmaceutical Industries announced that CEO Erez Vigodman will leave the company in a ‘mutual decision’.


Vigodman Photo credit: Sivan Farag/ Channel 2 News

Last night (Monday), Israeli Teva Pharmaceutical Industries Ltd. (NYSE and TASE:TEVA) announced the departure of Chief Executive Officer (CEO) Erez Vigodman. Over the past year, the company’s shares dropped over 50 percent.

The pharmaceutical giant announced that Professor Yitzhak Peterburg, formerly the chairman of the board of directors, will replace Vigodman as CEO while the company finds a new candidate for the role. Doctor Sol Barer will take Peterburg’s place as the chairman of the board.


Teva Photo credit: Reuters/ Channel 2 News

The official statement released by the company stated the decision to let go of Vigodman was mutual. “I believe that now is the right time for me to step down,” said Mr. Vigodman. “It has been a privilege to lead Teva, and I am proud of all we have accomplished.”

“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,” stated Peterburg. “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.”