Teva’s chair Philip Frost to step down

Teva's chairman Phillip Frost will resign his position by the end of 2014.

According to Reuters Frost (pictured right) wrote to shareholders in a letter: "With the progress we have made, and continue to make, at Teva, I have advised the board that I believe it will be appropriate for me to step down as chairman approximately by the end of this year.”

The announcement comes just three weeks after Israel-based Teva announced a restructure of its business to give stronger identify to its branded and generics divisions, including several new senior appointments.

The past few months has been a time of transition for Teva; the company also saw a change in CEO with the appointment of Erez Vigodman to replace Jeremy Levin, who, according to local news reports, had a strained relationship with Frost.

And at the beginning of 2014, the company announced that board director Amir Elstein to replace Prof Moshe Many as vice chairman.