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Brings global leadership and business transformation experience
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Provides strong strategic expertise across multiple industries and
deep insight into global market dynamics
JERUSALEM--(BUSINESS WIRE)--Jan. 9, 2014--
Teva Pharmaceutical Industries Ltd (NYSE:TEVA) today announced that Erez
Vigodman, 54, has been appointed President and Chief Executive Officer,
effective February 11, 2014. Mr. Vigodman will succeed acting President
and CEO Eyal Desheh, who will return to his previous position as Group
EVP and Chief Financial Officer of the company.
Erez Vigodman (Photo: Business Wire)
Dr. Phillip Frost, Chairman of the Board of Directors, said, “I would
like to welcome Erez to his new position as the CEO of Teva. As a member
of the Teva Board since 2009, Erez has a deep understanding of the
company and the industry in which it operates, putting him in a strong
position to hit the ground running and deliver value for shareholders. I
would like to thank Eyal for leading the company through an important
time and maintaining focus on the execution of our strategy. I would
also like to thank all the members of the Board of Directors who have
diligently given of their time in this intensive selection process.”
Mr. Vigodman is currently President and Chief Executive Officer of
Makhteshim Agan Industries (MAI), the world’s leading generic
agrochemical company. He will retain that position until February 6.
“It is a great honor for me to be named President and CEO of Teva, a
pioneer in the healthcare industry,” said Mr. Vigodman. “I am excited to
work with the management team and Teva's employees to build on the great
traditions of the company to solidify our global leadership and fully
tap the company’s great potential to deliver medicines and solutions to
patients all over the world. I understand the challenges facing Teva and
I am confident that, together with the management team, we can address
these challenges and deliver on our commitment to creating value for our
shareholders by expanding Teva's businesses and delivering long-term
growth.”
Amir Elstein, Vice Chairman of Teva’s Board and head of the special
committee leading the CEO search, said, “Erez is the right person to
lead Teva. We evaluated a comprehensive list of internal and external
candidates as part of our rigorous search and Board process, engaging
the international search firm Egon Zehnder. Erez stood out due to his
impressive track record in transforming global and complex corporations
and delivering breakthrough results. He is a change agent with an
impressive strategic mindset and a proven ability to execute
restructuring programs, build organizational momentum, expand
successfully in emerging markets, and work with the capital markets. We
are extremely pleased with his appointment.”
Mr. Vigodman has led MAI since 2010. In that time, he returned MAI to
profitability by improving day-to-day operations and investing in areas
that would drive organic growth. From 2009 to 2012, MAI saw sales grow
by CAGR of 9%, operating income by 33%, and net income by 55%. The
improvement trends continued in the first three quarters of 2013.
Mr. Vigodman transformed the MAI business through a comprehensive
strategic plan that included bold moves and outstanding growth in key
markets, significant operational efficiencies, improvement to its
product portfolio and a major leap in R&D infrastructure. He led the
expansion of MAI into emerging markets across Asia and Latin America,
and engineered a reverse merger with ChemChina, giving MAI access to the
Chinese market and laying the foundation for comprehensive operational
platforms in China.
Prior to MAI, Mr. Vigodman served as President and Chief Executive
Officer of Strauss Group, a global food and beverages company. In that
position, he transformed Strauss into a global player, with an
orientation toward the emerging markets and Brazil in particular. At
Strauss, he led collaborations with leading global companies such as
Danone and PepsiCo. During his tenure, Strauss more than doubled its
sales from NIS 2.9 billion in 2002 to NIS 6.2 billion in 2008.
Mr. Vigodman, who is Israeli, received his B.A. in accounting and
economics from Tel Aviv University in 1987 and is a graduate of the
program of Management Development at Harvard Graduate School of Business
Administration. He is a member of the Advisory Committee to the Israel
National Economic Council, and served on the Advisory Board to the
Governor of the Bank of Israel between 2005-2009.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic
drugs as well as innovative and specialty pharmaceuticals and active
pharmaceutical ingredients. Headquartered in Israel, Teva is the world's
leading generic drug maker, with a global product portfolio of more than
1,000 molecules and a direct presence in about 60 countries. Teva's
branded businesses focus on CNS, oncology, pain, respiratory and women's
health therapeutic areas as well as biologics. Teva currently employs
approximately 46,000 people around the world and reached $20.3 billion
in net revenues in 2012.
Teva's Safe Harbor Statement under the U. S. Private Securities
Litigation Reform Act of 1995:
This release contains forward-looking statements, which express the
current beliefs and expectations of management. Such statements involve
a number of known and unknown risks and uncertainties that could cause
our future results, performance or achievements to differ significantly
from the results, performance or achievements expressed or implied by
such forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to: uncertainties
relating to the transition to a new President & Chief Executive Officer,
our ability to develop and commercialize additional pharmaceutical
products, including our ability to develop, manufacture, market and sell
biopharmaceutical products, competition for our innovative medicines,
especially Copaxone® (including competition from innovative
orally-administered alternatives, as well as from potential purported
generic equivalents), competition for our generic products (including
from other pharmaceutical companies and as a result of increased
governmental pricing pressures), competition for our specialty
pharmaceutical businesses, our ability to achieve expected results
through our specialty, including innovative, R&D efforts, the
effectiveness of our patents and other protections for innovative
products, decreasing opportunities to obtain U.S. market exclusivity for
significant new generic products, our ability to identify, consummate
and successfully integrate acquisitions and license products, our
ability to reduce operating expenses to the extent and during the
timeframe intended by our cost restructuring program, the effects of
increased leverage as a result of recent acquisitions, the extent to
which any manufacturing or quality control problems damage our
reputation for high quality production and require costly remediation,
our potential exposure to product liability claims to the extent not
covered by insurance, increased government scrutiny in both the U.S. and
Europe of our settlement agreements with brand companies and liabilities
arising from class action litigation and other third-party claims
relating to such agreements, potential liability for sales of generic
medicines prior to a final resolution of outstanding patent litigation,
our exposure to currency fluctuations and restrictions as well as credit
risks, the effects of reforms in healthcare regulation and
pharmaceutical pricing and reimbursement, any failures to comply with
complex Medicare and Medicaid reporting and payment obligations,
governmental investigations into sales and marketing practices
,particularly for our specialty medicines (and our ongoing FCPA
investigations and related matters), uncertainties surrounding the
legislative and regulatory pathways for the registration and approval of
biotechnology-based medicines, adverse effects of political or economic
instability, corruption, major hostilities or acts of terrorism on our
significant worldwide operations, interruptions in our supply chain or
problems with our information technology systems that adversely affect
our complex manufacturing processes, any failure to retain key personnel
or to attract additional executive and managerial talent, the impact of
continuing consolidation of our distributors and customers, variations
in patent laws that may adversely affect our ability to manufacture our
products in the most efficient manner, potentially significant
impairments of intangible assets and goodwill, potential increases in
tax liabilities resulting from challenges to our intercompany
arrangements, the termination or expiration of governmental programs or
tax benefits, environmental risks, and other factors that are discussed
in our Annual Report on Form 20-F for the year ended December 31, 2012
and in our other filings with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date on
which they are made and the Company undertakes no obligation to update
or revise any forward looking statement, whether as a result of new
information, future events or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140108006833/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
IR:
Kevin C. Mannix, 215-591-8912
United
States
or
Ran Meir, 215-591-3033
United States
or
Tomer
Amitai, 972 (3) 926-7656
Israel
or
PR:
Iris
Beck Codner, 972 (3) 926-7246
Israel
or
Denise
Bradley
United States, 215-591-8974