BREAKING NEWS

Teva Pharmaceutical names Peterburg new chairman

By REUTERS

NOVEMBER 26, 2014 20:43

The board of Teva Pharmaceutical Industries Ltd elected Yitzhak Peterburg as its chairman, succeeding Phillip Frost, who is due to step down at the end of the year.

Frost, who has been chairman since March 2010, said he would not stand for re-election as a director, Teva said in a statement.

Frost had wanted to steer Teva towards specialty pharmaceuticals while other board members wanted the world's biggest generic drugmaker to focus on its core business.

It was a clash with Frost, Teva's biggest shareholder, that led to the abrupt departure of former chief executive, Jeremy Levin, in October last year.

Peterburg, who has been with Teva since 2009, will start his new role on Jan. 1, Teva said on Wednesday.

The company also appointed Sol Barer, the former chief executive of Celgene Corp, as a director.

Earlier this year, two prominent Teva shareholders launched and lost a proxy fight arguing that the board was too big and that it should include "pharma-seasoned" executives.

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