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Restructuring battle at drug company prompts CEO to quit

Every company, no matter how successful, will have disagreements from time to time. Many times those involved can resolve those differences without having to involve lawyers. However, sometimes business disputes in the Miami area can lead to terminations or even litigation, as those involved can’t agree on a resolution.

Teva Pharmaceutical Industries Ltd will have a new CEO after its current chief executive has announced he will step down due to an ongoing dispute over the restructuring of the generic drug maker. According to reports, Jeremy Levin will step down after he and company Chairman Phillip Frost, who is also the largest shareholder in the company, could not come to an agreement on how to carry out the restructuring strategy.

According to one report Mr. Levin recently told reporters that he had no plans to step down and after the news of his departure he reportedly stated that he did not quit. Meantime, several analysts are now expressing concern over the company and its long-term financial health. As for the chairman, Mr. Frost, he says the company is not planning a break-up and continues to move forward with restructuring plans.

Any business, large or small, can experience differences in philosophies. When high-ranking officials can’t agree on how to run a company or disagree on other types of important company decisions it can often lead to business litigation. When that happens it is usually a good idea for those involved to seek the help and experience of a knowledgeable business and commercial law attorney.

Source: BusinessWeek, “Teva CEO steps down in dispute with board over restructuring,” David Wainer, Oct. 30, 2013.

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