Jeremy Levin steps down as President and CEO of Teva

Group EVP and Chief Financial Officer takes the role as an interim measure

Teva Pharmaceutical Industries, the world's largest generics manufacturer, has announced Jeremy Levin will step down as President and Chief Executive Officer. Levin, a former executive at Bristol-Myers Squibb, has been CEO for 18 months. It is thought that disagreements with Chairman Philip Frost over the company's future direction led to his departure.

Chief Financial Officer Eyal Desheh will fill the role of President and Chief Executive Officer on an interim basis, effective immediately, the Israeli company said. It has formed a committee to search for a permanent successor. Desheh has been with the company for 12 years.

Teva announced earlier this month that it would cut about 10% of its workforce, or about 5,000 people, as part of a cost reduction plan as it prepares for competition to its multiple sclerosis drug Copaxone.

Frost said the firm is 'fully committed to the implementation of its strategy, including the development of new compounds, making strategic acquisitions, forming joint ventures and the planned acceleration of the company’s cost reduction programme'.

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