Teva CEO steps down

JERUSALEM — Teva Pharmaceutical Industries' president and CEO has stepped down, the Israeli drug maker said.

Teva announced the resignation of Jeremy Levin and that the board of directors had named EVP and CFO Eyal Desheh as interim president and CEO. Desheh has worked at Teva for more than 12 years, serving as CFO for the last five.

"Since I joined Teva, we have made tremendous progress in setting a new course for the company," Levin said. "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."

Teva is the world's largest producer of generic drugs and in recent years has also branched into branded products, including complex specialty drugs like the multiple sclerosis treatment Copaxone (glatiramer acetate). The company said earlier this month that it would reduce its workforce by about 10% through 2014, laying off about 5,000 employees and cutting "oversized" parts of its business.

"On behalf of the entire board of directors, I would like to thank Dr. Jeremy Levin for his meaningful contribution to Teva during the last two years," board chairman Phillip Frost said. "The board and management team are fully committed to the implementation of Teva's strategy, including the development of new compounds, making strategic acquisitions, forming joint ventures and the planned acceleration of the company's cost-reduction program."