Exclusive: Israel Makov to quit Teva
Teva CEO for past four years to retire in first quarter of 2007. Shlomo Yanai, current CEO of Makhteshim Agan to replace him
Israel Makov joined Teva in 1995 as vice president for business development. Since 1999, he has served as Executive Vice President, responsible for the integration and globalization of the company. In January 2001, Makov was appointed Chief Operating Officer, and in April 2002 was appointed chief executive officer and president of Teva, in place of Eli Hurvitz, who then became chairman of the board.
Makov is known as a charismatic leader who drove home a large organizational change in the company in order to bring Teva up to speed as a global company. In 2004, Makov was awarded the Israel Industry Prize in appreciation for his part in Teva's success story under his leadership.
In an interview he gave to Yedioth Ahronoth in March 2003, about a year after he became CEO, Makov said, "I plan on staying here for a few years. I will contribute what I can contribute – and then I'll retire. At the end of the day, everyone get's his turn to be switched. But after Teva, I don't have any aspirations to manage anything else. Teva is the zenith of management in Israel."
Teva is considered the largest, most successful leading company in Israel and holds the esteem of being the largest generic drug company in the world. The company was established 105 years ago, and its total revenues in 2005 stood at USD 5.3 billion, and listed a net profit of USD 1.07 billion.
Forecasts for 2006 predict that the company will bring in USD 8.5 billion of revenues. Teva is traded on the Tel Aviv Stock Exchange and on NASDAQ for USD 28.1 dollar. Ownership of Teva is divided among a large number of private investors and institutions, most of them in the US.
Teva stock, which has yielded returns of hundreds of percents over the years, fluctuated a lot in the last year because, among other things, of investor concern that the company would have a hard time absorbing IVAX Corporation, which it acquisitioned for more than USD 7 billion. In the last 12 months, Teva stock has dropped 7 percent. Wednesday, Teva stock closed at USD 35.58 on NASDAQ after recovering from the slump it experienced at the end of July – USD 29.22.
The heir – Shlomo Yanai
Makov's successor as CEO will be Shlomo Yanai, 54, who has been the CEO of Makhteshim Agan since 2003. Prior to this, Yanai served in the IDF for 32 years during which time he served, among other things, as head of the Planning Branch of General Headquarters and Commanding Officer of the Southern Command.
Shlomo Yanai was decorated in the Yom Kippur War. He is a graduate of Tel Aviv University in political science and economics, received his M.A. from George Washington University in national resource management and holds a degree from Harvard Business School's prestigious AMP program. He also graduated from the US National War College.
In the last year, Makhteshim Agan experienced a slide its stock prices.
