Teva Pharmaceuticals (NYSE:TEVA) said this week that CEO Erez Vigodman has stepped down from their position at the head of the world’s biggest generic drugmaker.
Vigodman’s exit from the company will take effect immediately, with board chair Yitzhak Peterburg taking on the interim role of chief exec.
Israel-based Teva has seen shares plummet after a series of missteps, including costly acquisitions and delayed drug launches, and will now face restoring confidence with new management.
Investors say Teva, which faces pricing pressure in its core generics business and recently lost patent protection on its key branded drug Copaxone for multiple sclerosis, must choose a new CEO with extensive pharmaceutical experience.
“Is it the biggest generics company or is there an understanding that generics is hitting a glass ceiling and it should do other stuff such as investing more in branded drugs?” investment firm Tamir Fishman head Eldad Tamir told Reuters. Tamir Fishman has cut its holdings in Teva by 90% in the past 2 years.
The new head will face an emerging challenge as well, as the company is being investigated in Israel over the same issues that led to a $519 settlement in the US last December.
The case involved allegations that the company bribed overseas officials in Mexico, Russia and Ukraine to promote its products, according to the U.S. Justice Dept. The department reported that the millions of dollars in bribes occurred for more than a decade.
The pharmaceutical giant agreed to $238 million to settle Foreign Corrupt Practices Act allegations, as well as $236 million in profits plus interest to resolve the Securities and Exchange Commission’s civil investigation.
Material from Reuters was used in this report
Medical robotics developer Stereotaxis (NSDQ:STXS) said this week it has tapped David Fischel as its new CEO and chair. Fischel is replacing William Miles, who resigned from both his board position and spot as CEO.
“I am grateful for the responsibility entrusted in me by the board and am excited by the opportunity to reinvigorate Stereotaxis with a culture of growth and to strengthen the commitment to significant innovations in electrophysiology and beyond. The key elements necessary to transform Stereotaxis into a highly successful company are largely in place. At the core, we have a technically sophisticated and differentiated robotic system, validated across nearly 100,000 procedures, providing significant clinical benefits to patients and physicians in a rapidly growing multi-billion dollar market. The strategic financing announced in September 2016 provided the company with a strong balance sheet, committed investor base, and highly experienced, involved and constructive new Board members. Our focus now will be on growing sales, financial discipline, and enhanced relationships with potential strategic partners and the financial community. I look forward to working collaboratively with Stereotaxis’ team, customers and partners to realize the great potential of this company for the betterment of patients,” Fischel said in a press release.
Fischel will take the reins on an unpaid basis to start, according to the company. Read more
Endologix (NSDQ:ELGX) said this week it will split its board chair and CEO positions, with Dan Lemaitre taking the chair position and John McDermott continuing on as CEO. Read more
Inflexxion said late last month it hired former Cegedim COO Bruno Lempernesse as its new CEO, retroactively going into effect January 1. Read more
Glaukos (NYSE:GKOS) said this week it has tapped Joseph Gilliam as its new CFO and corporate dev senior VP, replacing current CFO Richard Harrison who will retire later in 2017. Gilliam is expected to take his new position in May. Read more
The post Teva Pharma CEO Vigodman steps down | Personnel Moves, February 7, 2017 appeared first on MassDevice.
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