Teva Pharmaceutical Industries announced that the Board of Directors 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 Dr. Phillip Frost, who previously announced plans to step down as Chairman by the end of the year. Dr. 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 Dr. Sol J. 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 Dr. 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.”

“The Board is deeply grateful to Dr. Frost for his contributions, insight and commitment to Teva during this period of growth and opportunity for the company,” said Prof. Peterburg. “I am honored to assume the role of Chairman, and look forward to working closely with the Board, including president and chief executive officer, Erez Vigodman, and the entire management team, to continue to drive value for Teva’s shareholders while increasing access to high-quality healthcare around the world.”

“I am also pleased that Dr. Sol Barer will join the Board and contribute his outstanding global pharmaceutical expertise,” added Prof. Peterburg. “The Board has made its composition a priority, as demonstrated by the addition of Sol, as well as Jean-Michel Halfon earlier this year.”

Prof. Yitzhak Peterburg rejoined Teva’s Board of Directors 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 chief executive officer, of Cellcom Israel Ltd., a leading telecommunications enterprise in Israel, from 2003-2005. From 1997-2002, he served as CEO of Clalit Health Services, the leading healthcare provider (HMO) in Israel, considered to be the second largest in the world, providing comprehensive health services to 55 per cent of the Israeli population, through more than 1,500 primary and secondary clinics and 14 hospitals with approximately 45,000 employees. He led the digitizing of Clalit Health Services, including 100 per cent Electronic Health Records (EHR) coverage and one of the first health information exchange systems in the world, and pioneered telemedicine in Israel. Between 2000 and2002, he was a board member at the International Federation of Health Plans (iFHP) and vice-chairman of the Association International de la Mutualite (AIM). Between 1990 and 1997, he held several managerial positions in the healthcare field, including chief executive officer, of the Soroka University Medical Center in Beer-Sheva. Prof. Peterburg currently serves as a director on the board of Rosetta Genomics Ltd.

Prof. Peterburg received an M.D. degree from Hadassah Medical School in 1977 and is board-certified in Pediatrics and Health Services Management. Prof. Peterburg received a Doctorate degree in Health Services Administration from Columbia University in 1987 and an M.Sc. degree in Information Systems from the London School of Economics in 1991. Between 2009 and 2010, he served as Senior Fellow at the Milken Institute. He is a professor at the School of Business, Ben-Gurion University.

Dr. Barer is Managing Partner at SJ Barer Consulting. From 1987-2011, he served in top leadership roles at Celgene Corporation, including as Executive Chairman (2010-2011), Chairman and CEO (2007-2010), CEO (2006-2010), President and Chief Operating Officer (1994-2006) and President (1993-1994). Earlier in his career, he was a founder of the biotechnology group at the chemical company Celanese Corporation, which was later spun off as Celgene.

Dr. Barer currently serves on the board of a number of other biotechnology companies, including Amicus Therapeutics and Aegerion Pharmaceuticals. Dr. Barer is Chairman of the Board of InspireMD and Medgenics. Dr. Barer received his PhD in organic and physical chemistry from Rutgers University in 1974 and his BS in Chemistry from Brooklyn College of the City University of New York in 1968.