Teva CEO Quits
Updated from 8:28 a.m. EDT
The CEO of generic-drug manufacturer Teva Pharmaceutical (symbol) is leaving the company, according to reports.
News reports in Israel say Israel Makov is stepping down as chief executive officer and that Shlomo Yanai, the CEO of Machteshim Agan, an Israeli chemicals conglomerate and a long-time military chief officer, will probably replace him.
Makov, who became CEO in 2002, led the company through the $7.4 billion acquisition of Ivax, which helped turn TEVA into the $28.2 billion company. But industry sources say Wal-Mart's recent decision to begin marketing generic drugs at extremely low prices could hamper Teva going forward.Teva shares were recently down 1.2% to $35.14.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV