Phillip Frost to remain chair of Teva Pharmaceutical

Dr Phillip Frost has been re-elected as chair of Teva Pharmaceutical.

The Israel-based firm's board of directors unanimously voted for Dr Frost to remain in the position for at least three more years, subject to shareholder approval.

He has served as chair since March 2010, having previously been vice chair from January 2006.

Prior to his time at Teva, he was chair and CEO of IVAX Xorporate from 1987 to 2006.

The board's vice chair, Professor Moshe Many, said: “Dr Phillip Frost has the Board's full support. We would continue to benefit from his vision and guidance.

“We look forward to the progress of the company under the governance of the Board and the leadership of Teva's President and CEO Dr. Jeremy Levin.”

Dr Frost's continuation provides Teva with some stability as former senior vice president of strategy at Bristol-Myers Squibb, Jeremy Levin, begins his tenure as the company's CEO and president.

The company has also recently appointed genetics expert Dr Michael Hayden as its first president of global R&D and chief scientific officer.