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Teva’s chair Philip Frost to step down
He will leave the Israeli pharma company by the end of the year
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.
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