Teva Pharmaceutical Industries, Ltd., said on Wednesday that company President and CEO Israel Makov, 67, has announced his plans to retire next year.
His successor, Shlomo Yanai, 55, will take his place as President and CEO Designate during the first part of 2007. Makov said he would stay on as a senior strategic advisor for the next two years, working with Yanai to facilitate a smooth leadership transition.
"My 11 years at Teva have been a wonderful experience. I am gratified at the opportunity I have had to lead Teva through a very exciting period in its history, a period during which it has become a truly global company, and the industry leader," Makov said, wishing Yanai "every success" in his upcoming role.
Eli Hurvitz, Chairman of the Board of Teva, said that "this is just the first opportunity of many that we will have to thank Israel Makov for the role he has played in dramatically increasing the scope and scale of Teva's business and solidifying our position as the world's leading generic pharmaceutical company."