Teva names new chief executive
pharmafile | January 9, 2014 | News story | Manufacturing and Production, Research and Development, Sales and Marketing | Levin, Teva, erez vigodman, generics
The world’s biggest generic drugmaker Teva has appointed the chief executive of the world’s biggest generic agrochemical company.
Vigodman joins Teva from Israel-based Makhteshim Agan Industries, as interim head Eyal Desheh is to step down and return to his chief financial officer role from 6 February.
Chairman of Teva’s board of directors Dr Phillip Frost, said: “I would like to welcome Erez to his new position as the CEO of Teva. As a member of the Teva board since 2009, Erez has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running and deliver value for shareholders.”
Vigodman arrives at a turbulent time for the company, former chief executive Jeremy Levin left abruptly at the end of last year as the firm struggled with staff cuts and management in-fighting.
Its big patented multiple sclerosis medicine Copaxone is poised to start losing its patent in May – a loss that will decimate its sales and which prompted the board’s decision to cut around 5,000 jobs last year.
Teva will hope Vigodman can transform the firm as he did with MA Industries (MAI) which he led since 2010. They point out he returned it to profitability by improving operations and investing in areas that would drive organic growth. From 2009 to 2012, MAI saw sales grow by CAGR of nine per cent.
Prior to MAI Vigodman served as president and chief executive of Strauss Group, a global food and beverages company. At Strauss, he led collaborations with global firms such as Danone and PepsiCo.
Unconcerned with his lack of pharma industry experience, Amir Elstein who is the vice chairman of Teva’s board and head of a special committee to appoint a new chief executive, said: “Erez is the right person to lead Teva.”
He added: “We evaluated a comprehensive list of internal and external candidates as part of our rigorous search and board process. Erez stood out due to his impressive track record in transforming global and complex corporations and delivering breakthrough results.
“He is a change agent with an impressive strategic mindset and a proven ability to execute restructuring programs, build organisational momentum, expand successfully in emerging markets, and work with the capital markets. We are extremely pleased with his appointment.”
Brett Wells
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