TEL AVIV, March 9 (Reuters) - Teva Pharmaceutical Industries , the world's biggest generic drugmaker, said on Tuesday Eli Hurvitz would step down as Chairman and be replaced by the company's Vice Chairman Phillip Frost.
Hurvitz took 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.
Born in 1932, Hurvitz has been at the helm of Teva for over 30 years -- more than 25 years as chief executive and since 2002 as chairman.
He, more than anyone else, is credited with transforming Teva from a small local drug firm into Israel's largest company with a market capitalisation of $57 billion.
Frost, 73, has served as vice-chairman of Teva since January 2006, following the acquisition of Ivax Corp by Teva. He was chairman and CEO of Ivax from 1987 until 2006.
The company said Moshe Many has stepped down as interim chairman and would become vice chairman.
(Reporting by Tova Cohen; Editing by Hans Peters) Keywords: TEVA/ (telaviv.newsroom@reuters.com; +972-9-899-0222; Reuters Messaging: tova.cohen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Hurvitz took 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.
Born in 1932, Hurvitz has been at the helm of Teva for over 30 years -- more than 25 years as chief executive and since 2002 as chairman.
He, more than anyone else, is credited with transforming Teva from a small local drug firm into Israel's largest company with a market capitalisation of $57 billion.
Frost, 73, has served as vice-chairman of Teva since January 2006, following the acquisition of Ivax Corp by Teva. He was chairman and CEO of Ivax from 1987 until 2006.
The company said Moshe Many has stepped down as interim chairman and would become vice chairman.
(Reporting by Tova Cohen; Editing by Hans Peters) Keywords: TEVA/ (telaviv.newsroom@reuters.com; +972-9-899-0222; Reuters Messaging: tova.cohen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
