Jeremy Levin, chief executive officer of Teva Pharmaceutical Industries, would be stepping down effective immediately, according to a report by Reuters. Phillip Frost, Teva's chairman, issued a statement on Wednesday, Oct. 30 regarding Levin's resignation. Frost assured everybody that the company would remain committed to the company's strategy. Teva Pharmaceutical Industries is one of the world's largest producers of generic medicines.

"The board and management team are fully committed to the implementation of Teva's strategy, including the development of new compounds, making strategic acquisitions, forming joint ventures and the planned acceleration of the company's cost reduction program," Frost said in a statement on Wednesday.

Levin is a South African-born businessman. Before Teva, Levin worked at Bristol-Meyers Squibb and Novartis, He practiced medicine in London and had been recognized for his accomplishments in the pharmaceutical industry.

Teva's board had formed a committee that would be searching for Levin's permanent successor. The company's chief financial officer, Eyal Desheh, will be acting as interim CEO.