Jerusalem, Israel, February 14, 2002 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that the company's Board of Directors has appointed Mr. Israel Makov to be the company's next President and Chief Executive Officer. Mr. Makov will begin his term upon Eli Hurvitz's retirement from the office after Teva's Annual General Shareholder Meeting, scheduled for April 22nd 2002.
Teva's Board of Directors has asked Eli Hurvitz to continue to play a role at Teva. The Board of Directors wishes to appoint Mr. Hurvitz as the Chairman of the Board as soon as the General Meeting elects him a director.
"Israel Makov's appointment is a natural one. He joined Teva's Management seven years ago and his responsibilities were broadened gradually over the past few years" said Prof. Meir Heth, the Chairman of the Board. "This is the best appointment and the right one for Teva. We believe that Israel Makov will continue to lead the company's growth and that the prosperous cooperation between Eli and Israel will continue to make an important contribution to the Company's future prosperity.
Eli Hurvitz: "I am completing my 25 years as Teva's President and CEO with satisfaction and pride. I am passing the baton to my colleague, Israel Makov, who for the past seven years has been a strong and influential leader and a major contributor to Teva's success. Based on our past experience, I believe that Teva will be led by a CEO, management team and an organization that will continue to implement the company's strategy and lead it to new horizons. "
Israel Makov joined Teva in 1995 as Vice President of Business Development. He subsequently served as Executive Vice President with responsibility for leading the company's integration and globalization. In January 2001, Mr. Makov was appointed as Teva's Chief Operating Officer.
These years were significant to Teva's global growth. Under Mr. Makov's guidance and leadership, Teva developed its expansion and globalization strategy as well as the tools and organization to implement the company's vision. Teva's M&A and integration activities, which Mr. Makov has led, have contributed significantly to the company's top and bottom line growth in recent years.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 40 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 80% of Teva's sales are in North America and Europe. The company develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients.