Teva says chief executive Erez Vigodman is leaving

Teva said on Monday that chief executive Erez Vigodman is stepping down and will be replaced on an interim basis by the chairman of the company’s board of directors, Yitzhak Peterburg.

The changeover will take effect immediately, Teva said, while it undertakes a search for a permanent replacement for Mr Vigodman. Israeli law requires Dr Peterburg to cede his role as chairman of the board while he serves as interim chief executive; his seat will be filled by Sol Barer, who has been a member of Teva’s board since 2015, the company said in a statement.

“I believe that now is the right time for me to step down,” said Mr. Vigodman, who is also leaving the company’s board of directors. “It has been a privilege to lead Teva, and I am proud of all we have accomplished.”

Dr Peterburg said in a statement that the company is currently focused on “realising the cost synergies and strategic benefits” of its recent acquisition of Actavis Generics.