Israeli drugmaker Teva says CEO has stepped down

Tel Aviv

ISRAEL-BASED generic drugmaker Teva Pharmaceutical Industries Ltd said on Monday that chief executive Erez Vigodman was stepping down effective immediately and would be replaced on an interim basis by Yitzhak Peterburg, who has been chairman of Teva's board of directors.

Teva shares have performed poorly for more than a year and a half. They hit US$72 in late July of 2015 and closed at US$34.35 on the New York Stock Exchange on Monday, only to fall more than 2 per cent in extended trading after the latest management shakeup was announced.