Jeremy Levin Teva CEO threatens to resign

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Jeremy Levin threatened to resign due to interference by the Board of Directors.

Jeremy Levin

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Israeli Channel 2 News reported that Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; TASE: TEVA) CEO Jeremy Levin, aides said that unless the Board of Directors stopped interference in management of the company, it would consider resigning. "This would put the company at risk," says Teva management in a letter to the Board of Directors. In the letter, Teva's management asked the Council to stop interfering in the management of the company.

The letter was written after Levin's meeting with Histadrut (General Federation of labour in Israel) Chairman Ofer Eini, in which they discussed plan rationalisation and Teva plans to shoot up to 800 employees in Israel. Levin promised Eini that layoffs in Israel would only be taken in coordination with the Histadrut.

However, the Board of Directors Teva is demanding that Israel be layoffs in full.

Teva denies the report.

Posted by http://www.globes-online.com/