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Teva appoints Dr Phillip Frost chairman

Published on: 11/03/10

Teva Pharmaceutical Industries has appointed Dr Phillip Frost as chairman of the board of directors.

His appointment is part of a reshuffle prompted by former chairman Eli Hurvitz’s decision to step in order to focus on recovering from an illness.

The changes also see interim chairman Professor Moshe Many move to vice chairman, the role previously held by Dr Frost.

Commenting on his appointment, Dr Frost said: "We are all saddened by the circumstances that have caused this development. We are all keenly aware of the unique role Eli Hurvitz has played for so long in Teva's development, and I am sure that all the members of the Board and all Teva's employees join me in wishing Eli a speedy and full recovery."

He added: "As chairman, I intend, together with my colleagues on the Board, to do our utmost to support Shlomo and his team in pursuit of the strategic plan recently approved by the Board of Directors and presented to the investment community in January.

“Moreover, I fully support our commitment to leadership in the global generics market from our headquarters in Israel."

Dr Frost served as vice-chairman of the board of directors of Teva since January 2006, following the acquisition of Ivax by Teva.

Prior to his election as a director of Teva, he was chairman and chief executive of Ivax from 1987 until 2006.

Dr Frost is presently chairman and chief executive of specialty pharma company OPKO Health, chairman of Israeli company PROLOR Biotech and a major investor in several Israeli biomedical companies.

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