CEO of drug maker Teva resigns amid board feud

Associated Press

JERUSALEM (AP) — The chief executive of Israeli company Teva Pharmaceuticals Ltd. has resigned following a public uproar over a contentious restructuring plan set to cut thousands of jobs worldwide.

A statement Wednesday from Teva said says its board of directors and CEO Jeremy Levin had agreed for him to step down. It gave no reason for the resignation. But the shakeup exposed cracks in the leadership of the world's largest generic drug maker.

The company said this month it would reduce its global workforce by about 10 percent — or 5,000 employees — as part of a restructuring plan.

The company has struggled in recent quarters with declining sales for both generic and brand-name drugs. The restructuring aims to slim the drug maker's business and make it more efficient.

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