Teva Pharmaceutical's (TEVA) - Get Report search for a new CEO has resulted in the selection of a foreigner as the front-runner, Israeli financial news website Calcalist reports.

Israel's largest firm is also searching for a chief financial officer in which three candidates are vying for the position.

Israeli members of the board of directors are demanding that an Israeli be appointed CFO if the CEO is a foreigner, Calcalist said.

"We are looking for a world-class individual with deep and broad pharmaceutical experience, an individual with experience dealing with global and complex companies, with a strong sense of corporate responsibility and proven strategic and operational capabilities," Teva chairman Dr. Sol Barer said. 

Shares of Teva were lower during early morning trading on Thursday.

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