Teva Elects Yitzhak Peterburg As Chairman

(RTTNews) - Teva Pharmaceutical Industries Ltd (TEVA) said Wednesday its board has elected Professor Yitzhak Peterburg as chairman, effective January 1, 2015. Prof. Peterburg, a member of the Board since 2012 and from 2009-2010, will succeed Phillip Frost, who previously announced plans to step down as chairman by the end of the year. Frost has also informed the Board that he will not stand for reelection as a director at the upcoming annual general meeting.

Additionally, the Board appointed Sol Barer as a director, also effective January 1, 2015. The Board remains committed to its previous statements regarding the size and composition of the Board.

"After an extensive international search, the Board determined that Yitzhak is best placed to provide the leadership and vision we need to strengthen Teva's position as a global player in the pharmaceutical industry," said Frost. "His vast experience and deep understanding of Teva and its potential, as well as his extensive experience in running large healthcare systems, make Yitzhak an excellent choice to succeed me as Chairman at this juncture in the company's transformation for the future."

Prof. Yitzhak Peterburg rejoined Teva's board in 2012. He was Teva's Senior Vice President—Global Branded Products, in charge of innovative drugs, R&D and pipeline asset management from 2010-2011, after serving on Teva's Board of Directors from 2009-2010.

Prof. Peterburg served as President and CEO of Cellcom Israel Ltd, a telecommunications enterprise in Israel, from 2003-2005. From 1997-2002, he served as CEO of Clalit Health Services, a healthcare provider in Israel. Between 2000 and 2002, he was a board member at the International Federation of Health Plans and vice-chairman of the Association International de la Mutualite.

Sol Barer is managing partner at SJ Barer Consulting. From 1987-2011, he served in top leadership roles at Celgene Corp, including as executive chairman (2010-2011), chairman and CEO (2007-2010), CEO (2006-2010), president and chief operating officer (1994-2006) and pPresident (1993-1994). E

Barer currently serves on the board of a number of other biotechnology companies, including Amicus Therapeutics and Aegerion Pharmaceuticals.