| Teva Pharmaceutical Industries Ltd. announced today that its Board of Directors received a letter from Mr. Eli Hurvitz indicating that he wishes to be released from his duties at Teva in order to focus on his full recovery. Accordingly, Professor Moshe Many has stepped down from his role as Interim Chairman and following deliberations held by the Board of Directors and in accordance with the recommendation of the Nomination Committee, the Board has unanimously appointed its Vice Chairman, Dr. Phillip Frost, to serve as Chairman of the Board of Directors.
The Board of Directors also unanimously appointed Professor Moshe Many to serve as Vice Chairman of the Board of Directors.
Commenting on his appointment, Dr. Frost said: "We are all saddened by the circumstances that have caused this development. We are all keenly aware of the unique role Eli Hurvitz has played for so long in Teva's development, and I am sure that all the members of the Board and all Teva's employees join me in wishing Eli a speedy and full recovery."
Dr. Frost went on to say: "I fully support our commitment to leadership in the global generics market from our headquarters in Israel." Those words have dismissed out of hand reports that he will move Teva's headquarters to the US.
Dr. Phillip Frost (73) has served as Vice-Chairman of the Board of Directors of Teva since January 2006, following the acquisition of Ivax Corporation by Teva. Prior to his election as a director of Teva, Dr. Frost served as Chairman of the Board and Chief Executive Officer of Ivax Corporation from 1987 until 2006. Dr. Frost presently is the Chairman of the Board and CEO of OPKO Health, Inc., a specialty pharmaceutical company, Chairman of the Israeli company PROLOR Biotech , a major investor in several Israeli companies mainly in the Biomed field and Chairman of the Board of Ladenburg Thalmann Financial Services. Dr. Frost serves as a director of Continucare Corporation Inc. and Castle Brands Inc. He is a member of the Board of Regents of the Smithsonian Institution. Dr. Frost is also a member of the Board of Trustees of the Scripps Research Institute and the Board of Trustees of the University of Miami. Dr. Frost received a B.A. in French literature from the University of Pennsylvania in 1957 and an M.D. from the Albert Einstein College of Medicine in 1961.
In 2006, the TASE reacted nervously when it was announced that then president and CEO Israel Makov was to be replaced by Shlomo Yanai. Market sentiment was very negative about the move. But there will be no repeat this time around. Dr. Phillip Frost is a veteran Teva executive, who has served as vice-chairman since the pharmaceutical company acquired Ivax in 2006. The transition from deputy chairman to chairman is natural, and Frost knows the global pharmaceutical market well.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 15 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients. Over 80 percent of Teva's sales are in North America and Western Europe.
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