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Teva's North American CEO quits and shares fall

George S Barrett, CEO and corporate executive vice-president, resigns from the company and will be replaced by William S Marth, president and CEO of Teva USA

George S Barrett, CEO and corporate executive vice-president has resigned from the company and will be replaced by William S Marth, president and CEO of Teva USA.

Barrett, who is leaving to become vice-chairman of Cardinal Health and CEO of its healthcare supply chain services sector, will remain with Teva until the end of January 2008 to assist in the transition.

Marth has 30 years experience in the pharmaceutical industry and has been with Teva for over 10 years. He will be responsible for North America, including the US.

Marth has run Teva's US generics business where he has headed up commercial activities since his appointment as EVP in 2002 and has been president and CEO of Teva US since 2005. He has also overseen a number of significant product launches, most notably the December 2007 launch of generic Protonix, and two of the largest launches in the history of US generics, Simvastatin and Pravastatin in 2006.

Marth will report directly to Teva president and CEO, Shlomo Yanai.

Marth assumed the position of president and CEO of Teva USA in 2005. Before that, he served as executive vice-president and vice-president of sales and marketing of Teva USA.

Before joining the company, Marth served in various leadership positions with the Apothecon Division of Bristol-Myers Squibb. He also serves on various boards and committees, including the Teva Executive Committee and as vice-chairman of the Generic Pharmaceutical Association (GPhA).

Shares of Teva fell USD 2.38, or 4.8 per cent, to rest at USD 47.30 during afternoon trading on 10 January. During 2007, Teva's stock has traded between USD 32.40 and USD 50.

10th January 2008

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