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CEO of Teva Pharmaceuticals Steps Down

Jeremy Levin resigns from the pharmaceutical giant amid tensions in the company
By Ari Yashar
First Publish: 10/30/2013, 1:38 PM

Jeremy Levin
Jeremy Levin
Flash 90

Teva Pharmaceuticals announced the departure of its CEO Dr. Jeremy Levin on Wednesday. The move comes following tensions between the company's management and its board after public criticism of Teva's massive layoff plans.

Levin, who has held the post for less than two years, will be replaced by Chief Financial Officer Eyal Desheh for an interim period until a permanent replacement is named, according to AFP.

In leaving the company, Levin said, "since I joined Teva, we have made tremendous progress in setting a new course for the company. I wish the company and its people, who I respect greatly, every success."

Following the announcement, the trading of Teva's shares was suspended on TASE (Tel Aviv Stock Exchange). The company is listed on the New York Stock Exchange.

In early October, Teva announced its plans to lay off 5,000 employees worldwide. The plans were met with opposition by Finance Minister Yair Lapid, as well as by the Histadrut labor federation.

Teva, in response to growing pressure, agreed to coordinate the layoffs with the labor federation.