Teva Pharmaceuticals Industries Ltd Tuesday said it has appointed Jeremy Levin of Bristol-Myers Squibb Co, the news reports said Tuesday. Jeremy will replace Shlomo Yanai as the CEO of the company as the world's biggest generic-drugmaker intends to diversify its portfolio of innovative medicines.

Jeremy Levin is a Cambridge University-educated physician and worked at Bristol-Myers as a senior vice-president for strategy. He will takeover as the president and CEO in May, the Israel-based Petach Tikva said.

Mr. Shlomo Yanai aged 59 will retire from the company. Yanai has decided to resign after shares of Teva fell the most since 2006 last year amid increasing competition for its number one drug, a branded multiple sclerosis medicine called Copaxone, the company said.

Mr. Yanai, a former Israeli-based army general spend around $6.5 billion last year to buy US biotech Cephalon Inc. Natali Gotlieb, a Tel Aviv-based analyst for Israel Brokerage & Investments Ltd said, “ Investors will like the idea that Shlomo’s replacement is from the industry and someone with knowledge and experience especially from the innovative side of the business.”

 Teva Pharmaceuticals started scouting for Mr. Yanai’s replacement during the course of 2011. Denise Bradley, a spokeswoman for Teva Pharmaceuticals said, “Shlomo came to the board with his decision, and the board accepted it, appreciating his considerable contributions to Teva but recognising his desire to move on.”

Teva Pharmaceutical Industries Ltd is an international pharmaceutical company based in Petah Tikva in Israel. The company specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients.  It is one of the 15 largest pharmaceutical companies worldwide.

Bristol-Myers Squibb is a pharmaceutical company based in New York City which manufactures prescription pharmaceuticals in areas like cancer, cardiovascular disease, diabetes, rheumatoid arthritis and psychiatric disorders.

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