JERUSALEM (TheStreet) -- Teva Pharmaceutical Industries (TEVA) - Get Teva Pharmaceutical Industries Limited Sponsored ADR Report said Sunday that it had selected Dr. Jeremy Levin, a former senior executive at Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report to be its next CEO.

Levin will take over the reins in May, when current President and CEO Shlomo Yanai plans to retire from the company, Teva said in a

news release

.

The company said the succession plan was the result of a decision by Yanai "to move on to a new phase in his career."

Israeli media have reported that Yanai may enter politics, the

Associated Press

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said.

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During Yanai's tenure as president and CEO, Teva's annual revenue has grown from $8.4 billion to an expected $22 billion in 2012 while the company has become more diversified, the release said.

Teva is the world's largest maker of generic drugs, but it also produces branded drugs for multiple sclerosis and Parkinson's disease, the

AP

noted.

Shares of Teva Pharmaceutical Industries closed Friday down 47 cents at $40.36.

This article was written by a staff member of TheStreet.