Shlomo Yanai, president and chief executive officer of Teva, plans to retire from the company effective May 2012. Teva’s board has named Dr. Jeremy Levin, a former senior executive at Bristol-Myers Squibb, to succeed him at that time.

Dr. Levin has more than 25 years of experience in the global pharmaceutical industry and has led companies in creating commercial and R&D alliances. He joined BMS in 2007 and had direct responsibility for strategy, alliances and transactions, known as BMS’ “string of pearls” strategy. Before joining BMS, Dr. Levin served as global head of business development and strategic alliances at Novartis. Earlier, he was chief executive officer of Cadus Pharmaceuticals.

“Dr. Levin is an exceptionally talented business leader with a deep understanding of the opportunities and challenges of the pharmaceutical industry,” said Phillip Frost, M.D., Teva’s chairman. “He brings to Teva a wealth of experience and the hands-on skills required to foster the growth of a global pharmaceutical business. As a business leader and as a physician, he is passionately committed to bringing effective treatments to patients, worldwide. His combination of vision, creative energy and an effective team-building management style make him an ideal choice to lead Teva into its next growth phase.”

Dr. Frost continued, “During his tenure, Shlomo Yanai designed and successfully implemented a strategic plan that produced double-digit growth for 18 consecutive quarters, as revenues expanded at a compound annual growth rate of 17%, and earnings per share more than doubled. He has built a strong foundation for the company’s future. We wish him the best in his new endeavors and are appreciative that he will continue to be a valued advisor to the company following the leadership change. We have become personal friends and I hope we will have the opportunity to work together again.”