Bloomberg News FROST TO RETIRE FROM TEVA - UH OH SHORTY!!!
Teva Pharmaceuticals (NYSE: TEVA) is positive Tuesday following news that its chairman, Phillip Frost, might retire before his board term ends next year.
Speaking to Bloomberg via a phone interview, Frost commented, "I might not want to go that far ... I might want to retire sooner. Practically speaking, I’m at the age where it doesn’t really make a lot of sense to go beyond that, but that might already be longer than what I want."
Investors have been clamoring for a change in Teva's Board and hope that industry veterans are appointed to support new CEO Erez Vigodman as he looks to cut costs and find a solution for generic competition to the company ME treatment, Copaxone.
Frost commented last month that the company will work to reduce the number of Board members from its current count of 16 and also add directors with more global pharmaceutical experience.
On his potential successor, Frost commented, "There are many good people on the board ... The board will want to choose the person who they think is best suited for the job at that moment. It wouldn’t want to limit itself."