Teva names Erez Vigodman as President and CEO

Has a 'proven ability to execute restructuring programmes'

Erez Vigodman

Teva Pharmaceutical Industries says Erez Vigodman, will take up the role of President and Chief Executive on 11 February. He will succeed acting President and CEO Eyal Desheh, who will return to his previous position as Group EVP and Chief Financial Officer.

'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,' Vigodman said.

The Israeli pharmaceutical firm has been looking for a new CEO since Jeremy Levin, who held the role for 18 months, left in October 2013.

Vigodman is currently President and Chief Executive of Makhteshim Agan Industries (MAI), a generic agrochemical company, which he has led since 2010. He will remain at the company until 6 February.

Prior to MAI, he was President and Chief Executive of Strauss Group, a global food and beverages company.

Amir Elstein, Vice Chairman of Teva’s Board and head of the special committee leading the CEO search, said Vigodman was chosen 'due to his impressive track record in transforming global and complex corporations and delivering breakthrough results'.

Elstein added: 'He is a change agent with an impressive strategic mindset and a proven ability to execute restructuring programmes, build organisational momentum, expand successfully in emerging markets, and work with the capital markets.'

Teva announced a cost reduction plan last October, which will involve cutting about 10% of its workforce by 2017 as it improves the efficiency of its structure and processes.

The company estimates that $1.0bn of the annual cost savings will be achieved by the end of this year, and 70% by the end of 2015. The majority of the savings are expected to come from a reduction in the company’s cost of goods.

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