Diamond News

Teva Pharmaceutical Industries has named Dr. Phillip Frost as its new chairman, in place of Eli Hurvitz, who stepped down due to health reasons, Globes reported. 

Commenting on his appointment, Frost, who is Teva's largest private investor, 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.”

Commenting on reports that he plans on moving Teva's headquarters to the US, Frost 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.”

Three weeks ago Teva announced that Hurvitz was taking temporary leave due to health reasons. Hurvitz has built Teva 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.