Teva denies rumors of CEO-board friction

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A report from Israel's Channel 2 suggests there's some discord among Teva brass, an allegation Teva management was quick to refute.

The segment, as reported by news services Bloomberg and Reuters, suggests that CEO Jeremy Levin and chairman Phillp Frost are at odds over the company's cost-savings plans—particularly over layoffs.

The company issued a statement in response, saying: “These are baseless claims. The company's management has worked to craft and execute its strategy with complete cooperation from the board of directors. All decisions made by the company's management, led by its CEO, have been made with consultation and agreement of the board. The chairman and the CEO conduct regular work meetings and conversations, as is customary.”

Earlier this month, Teva said it would cut 10% of its workforce, or 5,000 jobs, in 2014. The company said it expects to save $2 billion a year by the end of 2017. As to whether any of the layoffs include sales or marketing, a spokesperson told MM&M the firm has "not taken any decisions yet on reductions in specific businesses."

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