CEO of Teva, Israel's Largest Company, Steps Down in Shock Resignation

Pharmaceutical giant announces South African-born Levin to quit post just 24 hours after he denied rumors regarding his resignation; Teva stocks plunge by 8 percent.

Dror Raich
Dror Raich
Dror Raich
Dror Raich

Teva Pharmaceutical Industries announced Wednesday that its president and CEO for the past two years, Jeremy Levin, has agreed to step down.

The company, which is the world's largest manufacturer of generic drugs, said that on an interim basis, the top spot would be filled by Eyal Desheh, Teva's executive vice president and chief financial officer.

Trading in shares of Teva were halted following the announcement of Levin's departure, and once trading resumed, the stock plummeted by 8 percent.

Just days before, Levin had denied a report by Channel 2 that he was considering resigning.

Since I joined Teva, we have made tremendous progress in setting a new course for the company, Levin said following his resignation. "I wish the company and its people, who I respect greatly, every success. I look forward to pursuing new opportunities where I can continue to apply my experience and contribute to the evolution of the global pharmaceutical industry.

Levin's departure follows a rift between company management and its board following public criticism of Teva for plans to lay off 5,000 worldwide and over tax incentives the firm received in Israel. Channel 2 also reported that management at Teva had sent a letter last week to the board in which it took the board to task for what it said was interference in the running of the company.

While the company said the departure was by agreement, Levin said on Channel 10 television that he did not want to leave the company and would have been happy to continue in his position.

Jeremy Levin.Credit: Tomer Appelbaum

Click the alert icon to follow topics:



Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN


Yair Lapid.

Yair Lapid Is the Most Israeli of All

An El Al jet sits on the tarmac at John C. Munro International Airport in Hamilton, Thursday, in 2003.

El Al to Stop Flying to Toronto, Warsaw and Brussels

An anti-abortion protester holds a cross in front of the U.S. Supreme Court in Washington, D.C.

Roe v. Wade: The Supreme Court Leaves a Barely United States

A young Zeschke during down time, while serving with the Wehrmacht in Scandinavia.

How a Spanish Beach Town Became a Haven for Nazis

Ayelet Shaked.

What's Ayelet Shaked's Next Move?

A Palestinian flag is taken down from a building by Israeli authorities after being put up by an advocacy group that promotes coexistence between Palestinians and Israelis, in Ramat Gan, Israel earlier this month

Israel-Palestine Confederation: A Response to Eric Yoffie