Teva Pharmaceutical Industries said its board of directors has agreed with Dr. Jeremy Levin’s decision to step down as president and chief executive officer. The board has named Eyal Desheh, Teva's executive vice president and chief financial officer, to fill the role of president and chief executive officer on an interim basis, effective immediately, and it has formed a committee to search for a permanent successor.

Dr. Phillip Frost, chairman of the board, said, “On behalf of the entire board, I would like to thank Dr. Jeremy Levin for his meaningful contribution to Teva during the last two years. 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.”

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

"I have full confidence in the ability of Teva's management and employees to achieve our goals and execute the strategy laid out for the company,” said Eyal Desheh, who has worked at Teva for over 12 years, including the last five as chief financial officer. “My colleagues in Teva's management and I will continue to drive execution and results in full collaboration with our board, for the benefit of our patients, shareholders, customers and employees."