As expected, Teva Pharmaceutical Industries has named Erez Vigodman as its president and chief executive.

Mr Vigodman has been mentioned repeatedly as the man to succeed Eyal Desheh, who will return to his previous position as chief financial officer having stepped into the top job following the controversial departure of Jeremy Levin in October. The new man is currently CEO of Israel-based Makhteshim Agan Industries, the world’s leading generic agrochemical company, and will take over at Teva on February 11.

Mr Vigodman, 54, is no stranger to Teva, having been on the board since 2009.  Describing the firm as "a pioneer in the healthcare industry”, he added that "I understand the challenges facing Teva and I am confident that, together with the management team, we can address these challenges and deliver on our commitment to creating value for our shareholders by expanding Teva's businesses and delivering long-term growth".   

Teva chairman Phillip Frost said that Mr Vigodman "has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running". Vice chairman Amir Elstein, head of the special committee leading the CEO search, added that "Erez stood out due to his impressive track record in transforming global and complex corporations and delivering breakthrough results".

He went on to say that Mr Vigodman "is a change agent with an impressive strategic mindset and a proven ability to execute restructuring programmes, build organisational momentum, expand successfully in emerging markets, and work with the capital markets".