Generic drugmaker Teva Pharmaceutical Industries Ltd. said Tuesday it has appointed vice chairman Dr. Phillip Frost to serve as chairman of its board.
The world's largest generic drugmaker by revenue said Frost will replace Moshe Many, who had been serving as interim chairman and will now serve as vice chairman.
The moves came as Teva said former Chairman Eli Hurvitz told the company that he wants to be released from his duties at Teva in order to focus on his full recovery.
The Israeli company announced last month that Hurvitz was taking a leave of absence for about three weeks to recuperate from therapy for a recently diagnosed illness.
Frost had served as vice chairman of Teva's board since 2006. He also serves as chairman and CEO of Opko Health Inc., a specialty pharmaceutical company, and as chairman of Prolor Biotech and Ladenburg Thalmann Financial Services.
Teva sells some brand-name drugs and also challenges the patents of others to get approval to sell generic versions before the patents expire.
The company says 80 percent of its sales come from North America and Western Europe.
Last month, Teva said it earned $2 billion, or $2.23 per share, last year, up from $609 million, or 75 cents per share, in 2008. Revenue rose to $13.9 billion from $11.09 billion.
Teva shares rose 83 cents, or 1.4 percent, to $61.32 in late morning trading Tuesday.