Israel: Teva shares plummet amid CEO departure and bribery reports

Israel: Teva shares plummet amid CEO departure and bribery reports

Author(s): Rachel Cao | Date: February 7, 2017 | Language: English
Source: http://www.cnbc.com/ | URL: https://goo.gl/pUinLw | Type: Text

Shares of Teva slipped more than 6 percent after the company announced that its CEO will step down and amid reports of a bribery investigation.
The largest generics pharmaceuticals company released a statement Monday that its CEO, Erez Vigodman, would resign effective immediately.
“I believe that now is the right time for me to step down,” Vigodman said. “It has been a privilege to lead Teva, and I am proud of all we have accomplished. I am confident that the company’s future is bright.”
Teva’s search for its fifth CEO in 15 years comes after a series of missteps, including a string of costly acquisitions and delayed drug launches, that have led to the pharmaceutical company’s shares tanking.

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