Teva to Work With Heidrick & Struggles on Global Search for CEO

Teva Pharmaceutical Industries Ltd. is working with recruitment firm Heidrick & Struggles International Inc. in its search for a new chief executive officer with global pharmaceutical experience.

The confirmation that Teva is looking globally for a successor to Erez Vigodman comes after some analysts and investors expressed concern that the search may be hampered by relatively low pay and the requirement that a CEO live in Israel. Teva, based in Petach Tikva, has hired Chicago-based Heidrick & Struggles, a company spokeswoman said.

“My highest priority is to find the best candidate for Teva literally in the world,” Chairman Sol Barer said Monday on a conference call with analysts after the company reported earnings. “We have a global search going on. I think it’s important to people to recognize we want somebody with deep and broad pharmaceutical experience that can lead Teva and take us to the next level as a company.”

Vigodman left the company a week ago after Teva reduced its 2017 profit forecast, sending the stock to a 12-year low. The drugmaker recently lost court cases that sought to stop competitors from selling cheaper versions of its bestseller Copaxone, and is now appealing the decision.

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