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Yanai to succeed Makhov as Teva CEO in '07.

JERUSALEM -- Teva Pharmaceutical Industries Ltd. chief executive officer Israel Makhov will retire next year.

Shlomo Yanai, who will join the company as president and CEO-designate during the first part of 2007, will replace Makov, 67, as head of the world's largest manufacturer of generic drugs.

The 55-year-old Yanai will join Teva from Makhteshim Agan Industries Ltd., a manufacturer of generic crop chemicals. Makov will continue to work with the company for the following two years as a senior strategic adviser.

"My 11 years at Teva have been a wonderful experience," comments Makov. "I am gratified at the opportunity I have had to lead Teva through a very exciting period."

Chairman Eli Hurvitz describes the upcoming executive changes as part of the company's planned succession strategy and a move that will position the company for a strong future.

"This is the first opportunity of many we will have to thank Israel Makov for the role he has played in increasing the scope and scale of Teva's business and solidifying our position as the world's leading generic pharmaceutical company," he says. "During his tenure as CEO Teva's sales will have increased fourfold, its adjusted net income will have increased approximately sixfold, and the average annual return to investors has been 24%.

"Israel has considerably expanded and enhanced our balanced model in terms of our lines of business--including our broad generic portfolio, our strength in active pharmaceutical ingredients, and our increasingly significant branded and innovative product businesses," Hurvitz adds.

Hurvitz says that during Maknov's helm Teva's geographic reach has also expanded beyond its core markets of North America and western Europe to include such growth opportunities as central and eastern Europe, Russia and Latin America.

"We are also delighted to welcome Shlomo Yanai, who is recognized as one of Israel's outstanding business leaders," Hurvitz says.

"He brings his extraordinary component of operational, management development and strategic planning talents," he notes. "These capabilities will be invaluable to Teva during what we anticipate will be a time of great change in the pharmaceutical industry."

Yanai says his decision to join Teva was based in part on the company's strong position, global supply chain and execution capabilities, which he says "are reflected in its role as a worldwide leader in the health care industry."

"While I'm somewhat daunted to be filling the shoes of Israel Makov and Eli Hurvitz before him I'm most appreciative of their support and look forward to their advice and counsel during the transition period and beyond," he says.

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Title Annotation:RX; Teva Pharmaceutical Industries Ltd, chief executive officer
Publication:Chain Drug Review
Date:Nov 20, 2006
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