April 26, 2018 / 7:23 AM / in a year

Teva to reduce size of board after June shareholder's' meeting

JERUSALEM, April 26 (Reuters) - Three directors are stepping down from the board at Teva Pharmaceutical Industries and only one new director is being nominated to replace them, the generic drugmaker said on Thursday.

Ronit Satchi-Fainaro, a Tel Aviv University professor who heads the Cancer Research and Nanomedicine Laboratory, will be the only new nominee at a June 5 shareholders meeting, the company said in a statement.

Current directors Galia Maor, Gabrielle Sulzberger and Dan Suesskind will not submit their candidacy for reelection. This will leave the board with 11 members, down from the current 13.

Teva, the world’s largest generic drugmaker, is in the midst of a structural overhaul to help deal with its massive debt. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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