Teva Denies CEO Is Stepping Down Amid Board Dispute

by Christopher Freeburn | October 28, 2013 10:37 am

tevaPharmaceuticalLogo e1282226604614 Teva Denies CEO Is Stepping Down Amid Board Dispute[1]Reports that Teva Pharmaceutical Industries (TEVA[2]) would soon be seeking a new CEO have been shot down by the company[3].

An Israeli TV station cited insider sources who claimed that CEO Jeremy Levin had resigned after clashing with the company’s chairman over business strategy. On Monday, Teva issued a statement calling the report “baseless,” Reuters noted.

The media report indicated that the board had received a letter from Teva’s senior management decrying the “lack of unity” between its board and CEO regarding its strategic plans. The letter reportedly asked the board to stop its “intervention in the daily course” of the company’s business.

Teva has been moving to reduce expenses and recently announced that it plans to layoff 5,000 workers[4]. The company is facing pressure from unions and the Israeli government over the proposed cuts.

Shares of Teva fell more than 1% in Monday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/08/tevaPharmaceuticalLogo-e1282226604614.jpg
  2. TEVA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TEVA
  3. have been shot down by the company: http://www.reuters.com/article/2013/10/28/tevapharm-ceo-board-idUSL5N0II0WW20131028
  4. announced that it plans to layoff 5,000 workers: http://investorplace.com/2013/10/teva-pharmaceuticals-cut-5000-jobs/

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