Teva Pharm chairman Frost to step down by year end

TEL AVIV, June 18 Wed Jun 18, 2014 9:10am EDT

TEL AVIV, June 18 (Reuters) - Phillip Frost, chairman of the world's biggest generic drugmaker Teva Pharmaceutical Industries , said on Wednesday he will step down by the end of this year.

"With the progress we have made, and continue to make, at Teva, I have advised the board that I believe it will be appropriate for me to step down as chairman approximately by the end of this year," U.S.-based Frost said in a letter to shareholders of Israel-based Teva. "Our corporate governance and nominating committee is working on a succession plan."

He also said that the size of Teva's board has been reduced by a net two members, to 13 from 15. (Reporting by Tova Cohen; Editing by Steven Scheer)

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