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After serving 4½ years as president and chief executive officer (CEO) of the world's largest manufacturer of generic drugs, Israel Makov has announced that he is resigning his post. Makov has been with Teva Pharmaceutical Industries Ltd for more than 10 years, and the reasons for his sudden resignation were not disclosed. The position will be filled on a designate basis by Shlomo Yanai, president and CEO of Makhteshim-Agan Industries Ltd, a leading maker of agricultural chemicals, sometime during the "first part" of 2007, according to Teva.
Makov joined Teva in 1995 and has served as chief operating officer, executive vice president, and vice president of business development. He was appointed to the post of president and CEO in April 2002. During his tenure as CEO, Teva's annual net income more than doubled to $1.1 billion by 2005. He orchestrated the takeover of US drug maker Ivax, which kept Teva ahead of other generics competitors in light of other mergers. Teva's stock also doubled during his term as president. Makov will continue to serve as a senior strategic advisor for the next 2 years, and he will work alongside Yanai and the board at Teva to assist in the transition, according to the company.