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.

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