Sector News

Teva Pharmaceutical CFO to step down: media

April 26, 2017
Life sciences

The chief financial officer of Teva Pharmaceutical Industries, Eyal Desheh, is stepping down and will likely be appointed chairman of Isracard, Bank Hapoalim’s credit card company, Israeli news websites reported on Tuesday.

Desheh joined Teva as CFO in 2008 and briefly served as acting CEO from October 2013 to February 2014.

Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to restore confidence in the world’s biggest generic drugmaker after a series of missteps.

A string of costly acquisitions, along with delayed drug launches, have sent Teva shares plummeting and led to calls for management and structural changes, including a possible split into separate generic and branded medicine units.

Officials at Teva declined to comment on the reports.

“Hapoalim is now considering the selection of a new chairman for Isracard,” Israel’s biggest bank said in a statement, noting there were a number of candidates.

“The selection of a chairman will be subject to the recommendation of Bank Hapoalim’s board of directors and the decision of Isracard’s board.”

The appointment would also need approval from the Bank of Israel.

“When a decision is made, we will announce it to the public,” Hapoalim said.

By Tova Cohen

Source: Reuters

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