Teva CEO calls it quits

Share this article:

One day after he dismissed rumors of a dispute over cost-saving initiatives and layoffs between him and Teva's chariman as “baseless," CEO Jeremy Levin announced he will step down from the drugmaker.

During a conference call with analysts, the chairman said that “the differences were over nuances rather than disagreement about the strategy itself. It just got to the point where the slight differences couldn't be resolved and we thought it was better to part ways,” reported Bloomberg.

David Moris of BMO Capital Markets called the firm a "very dysfunctional organization" on the same call.

Levin had spent less than 18 months at Teva after joining the company from Bristol-Myers Squibb.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Massachusetts painkiller ban overruled

A District Court says Massachusetts cannot ban opioid painkiller Zohydro.

Ranbaxy extends branded Diovan's life

Ranbaxy may be on the blocks, but it has a hold on the right to produce generics of the Novartis heart medication Diovan. Only problem: it can't, and that is good news for Novartis.

FDA approves Glaxo's GLP-1

Type-2 diabetes injection Tanzeum, also known as albiglutide, scored the approval Tuesday.