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)