Israel's Teva Pharm CEO stepping down

2012-01-02 14:15

Jerusalem - Teva Pharmaceutical Industries Ltd says chief executive Shlomo Yanai is stepping down in May.

The company said in a release on Sunday that Dr Jeremy Levin, a former senior executive at Bristol-Myers Squibb, will replace him.

Yanai has been CEO of Teva for five years. Teva said he took the company from a business of mainly generics with $8.4bn in annual revenue to a more diversified business with anticipated 2012 revenue of $22bn.

The company said Yanai wanted "to move on to a new phase in his career". Israeli media reported that Yanai, a former general, might become active in politics.

Teva is the world's largest generic drugmaker. It also makes branded drugs for multiple sclerosis and Parkinson's disease.