Teva Returns to Roots After Outside CEO Faces ‘Nuthouse’

This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non-Israelis to hold those positions.

Now, Teva’s brief experiment with outside leadership is ending. After Levin made a number of significant changes, such as hiring foreign executives and terminating partnerships with Israeli companies, he was forced out in October. Frost, who picked Levin in 2012, said he may retire before his term ends next year.