Teva CEO Erez Vigodman Resigns
February 7, 2017 | Teva Pharmaceutical Industries Ltd. announced last night that CEO Erez Vigodman has resigned. He will be replaced as interim president and CEO by Dr. Yitzhak Peterburg, who has served as Chairman of the Teva Board of Directors since January 2015. Vigodman’s sudden departure is unexpected but not entirely surprising. The world’s largest generic pharmaceutical company has suffered a string of setbacks over the past year, which has seen it lose 40% of its share price. Some of the problems are shared by its generic rivals as the US government presses for lower drug prices. Others are specific to Teva including complaints that the company overpaid in the $40 billion acquisition of Actavis, and was duped in the $2.3 billion acquisition of Mexican company Rimsa. Teva has also been forced to pay antitrust fines in the US and last week lost a crucial patent case in the US on 40mg Copaxone, its flagship branded product.