Earlier this week, Teva and Levin denied an Israeli media report that Levin was considering resigning due to a rift with the company’s board of directors over Teva’s strategy.
Levin took the helm of Israel-based Teva in May 2012, promising to reshape the company by developing its own medicines amid increasing competition in the generics market, and to divest businesses in non-core areas.
Earlier this month, Teva said it would cut 5,000 jobs – 10 per cent of its workforce – accelerating a cost-cutting plan as it prepares for lower-priced competition to its best-selling multiple sclerosis drug Copaxone.
“We have had different views on the best way to carry out the strategy,” chairman Phillip Frost told a conference call with analysts yesterday without providing details.
Levin joined Teva from Bristol-Myers Squibb, where he was vice president for strategy, alliances and transactions. At Bristol-Myers, Levin implemented a so-called string of pearls strategy of alliances, partnerships and acquisitions with small and large companies.
Teva’s board has formed a committee to search for a permanent successor for Levin.