(BUSINESS WIRE) – Teva Pharmaceutical Industries Ltd. today announced that the Board of Directors has elected Professor Yitzhak Peterburg as Chairman, effective January 1, 2015. Prof. Peterburg, a member of the Board since 2012 and from 2009-2010, will succeed Dr. Phillip Frost, who previously announced plans to step down as Chairman by the end of the year. Dr. Frost has also informed the Board that he will not stand for reelection as a director at the upcoming annual general meeting.
Additionally, the Board appointed Dr. Sol J. Barer as a director, also effective January 1, 2015. The Board remains committed to its previous statements regarding the size and composition of the Board.
“After an extensive international search, the Board determined that Yitzhak is best placed to provide the leadership and vision we need to strengthen Teva’s position as a global player in the pharmaceutical industry,” said Dr. Frost. “His vast experience and deep understanding of Teva and its potential, as well as his extensive experience in running large healthcare systems, make Yitzhak an excellent choice to succeed me as Chairman at this juncture in the company’s transformation for the future.”
“The Board is deeply grateful to Dr. Frost for his contributions, insight and commitment to Teva during this period of growth and opportunity for the company,” said Prof. Peterburg. “I am honored to assume the role of Chairman, and look forward to working closely with the Board, including President and CEO, Erez Vigodman, and the entire management team, to continue to drive value for Teva’s shareholders while increasing access to high-quality healthcare around the world.”
“I am also pleased that Dr. Sol Barer will join the Board and contribute his outstanding global pharmaceutical expertise,” added Prof. Peterburg. “The Board has made its composition a priority, as demonstrated by the addition of Sol, as well as Jean-Michel Halfon earlier this year.”