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"We believe that the appointment of a manager from the pharma field, despite the fact that he is not an Israeli, is the correct course to take," Clal Finance equity analyst Jonathan Kreizman said of the upcoming change in Teva leadership today.
Kreizman was referring to the resignation of Teva CEO Shlomo Yanai, which will come into effect in May 2012. Yanai is leaving after five years in the post, to which he was appointed in 2007, and will be replaced by Dr. Jeremy Levin, a former executive at Bristol-Myers Squibb (NYSE:BMY). Levin is Jewish and an American.
"Teva will face numerous challenges in the upcoming years. Following the acquisition of Cephalon, its success in innovative drugs will be a decisive factor in its future," Kreizman said. "In this respect, the tremendous experience that Levin brings with him from Novartis and Bristol will most definitely help the company."
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