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Teva Pharmaceuticals names Phillip Frost as new chairman

http://www.globes.co.il/serveen/globes/docview.asp?did=1000545297&fid=942

Dr. Phillip Frost, the largest private investor in Teva, replaces company founder Eli Hurvitz.

Shiri Habib-Valdhorn, Adi Ben-Israel and Ran Rimon9 Mar 10 15:13
Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) has appointed Dr. Phillip Frost as chairman, replacing Eli Hurvitz.

Commenting on his appointment, Dr. Frost said: “We are all saddened by the circumstances that have caused this development. We are all keenly aware of the unique role Eli Hurvitz has played for so long in Teva’s development, and I am sure that all the members of the Board and all Teva's employees join me in wishing Eli a speedy and full recovery.”

In response to reports that he planned moving Teva's headquarters to the US, he added, "I fully support our commitment to leadership in the global generics market from our headquarters in Israel. It would not occur to me to move the headquarters from Israel. It's absolute nonsense. There would be no logic to it. Things are managed well enough as it is. Teva is one of Israel's natural resources and it benefits from the company.”

Frost, 73, is the largest single private shareholder in Teva with a 1.6% stake. He was CEO of IVAX, a generic pharmaceutical company acquired by Teva for $7.4 billion in 2005. Last year Frost sold 1.4 million Teva shares for an estimated $70 million.

Three weeks ago Teva announced that Hurvitz was taking temporary sick leave. However, it is now believed that his illness will not allow him to return to his post.

Hurvitz founded Teva and has built it into the world's largest generic pharmaceutical manufacturer. He served as its CEO for many years before becoming chairman. Hurvitz has also served as president of the Manufacturers' Association of Israel and as chairman of Bank Leumi (TASE:LUMI).

The board of directors also unanimously appointed Prof. Moshe Many as vice chairman. He has served as acting chairman over the past three weeks while Hurvitz was on sick leave.

Teva's share fell 1.76% in late afternoon trading on the TASE today to NIS 228.30. The share closed at $60.49 on Nasdaq yesterday, giving a market cap of $53.53 billion.