Economy

Novolog CEO and CFO to Step Down as Pozis Family Completes Board Overhaul

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Courtroom-sketch editorial illustration of eight Novolog executives and directors, one woman and seven men in jackets and open-collar shirts, standing shoulder to shoulder in a row and leaning in to stack their hands together on a small blue ceremonial button atop a metal rail at a Tel Aviv Stock Exchange listing ceremony, before a plain panelled backdrop, drawn in warm ochre and slate-blue chalk and pastel strokes with cross-hatching on sepia newsprint.

Novolog (Pharm Up 1966) Ltd. said Chief Executive Aviad Busi and Chief Financial Officer Yaniv Vidavsky will leave the pharmaceutical distributor after reaching agreement with the board, and will stay through a four month handover. The company said Busi decided to depart for personal reasons and in coordination with board chairman Oded Pozis. The moves complete a leadership overhaul that followed the Pozis family's purchase of a 44 percent stake from the Arkin and Phoenix groups, after which the founding family replaced the board. Novolog is valued at about 424 million shekels, down from a peak near 1.8 billion. No successors were named.

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