10.03.2010

Israel's Teva Says Chairman Hurvitz Stands Down

Eli Hurvitz is standing down from the chairmanship of Israel's Teva Pharmaceutical Industries , ending a 30-year term at the company during which he led it to become the world's biggest generic drugmaker. Vice Chairman Phillip Frost will replace Hurvitz, who had taken a three-week medical leave of absence in mid-February to recuperate from treatment for an undisclosed illness and was due to return this week. In a statement on Tuesday, Teva said Hurvitz had indicated in a letter he wished to be released from his duties in order to focus on making a full recovery. more