New Teva President and CEO Erez Vigodman.
(photo credit: Courtesy)
Teva Pharmaceuticals on Thursday named Erez Vigodman as its new president and
CEO, effective February 11.
“I understand the challenges facing Teva, and
I am confident that, together with the management team, we can address these
challenges and deliver on our commitment to creating value for our shareholders
by expanding Teva’s businesses and delivering long-term growth,” he said in a
Vigodman, 54, will fill the roles left vacant in late October
by Jeremy Levin’s ouster. Levin was pushed out of the position he held less than
18 months over disagreements about the company’s strategy.
currently serves as CEO of Makhteshim Agan Industries, the world’s leading
generic-agrochemical company, where he will remain until February 6. Prior to
that, he served as the Strauss Group’s CEO.
The decision to look outside
the company, and at Vigodman in particular, was due to his experience in
corporate restructuring, according to Teva vice chairman Amir Elstein, who
headed the CEO search committee.
“Erez stood out due to his impressive
track record in transforming global and complex corporations and delivering
breakthrough results,” he said.
Levin had recommended a $2 billion global
cost-cutting plan that ran into political trouble in Israel due to the layoffs
it entailed. In the weeks leading up to his removal, rifts emerged between Levin
and the board, particularly chairman Phillip Frost, over how to move forward
with the plan.
After cultural clashes were cited as a source of strain
with the South African- born Levin, the board notably opted for an Israeli
executive this time around.
Teva hopes that Vigodman’s experience at
Makhteshim Agan, which flourished under his leadership, and Strauss, which saw
its sales more than double during his tenure, will bring the same magic to the
Teva’s stock price on the Tel Aviv Stock Exchange
rose 0.4 percent following Thursday’s announcement.