Teva CEO calls it quits

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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.

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