Teva Pharmaceutical Industries Ltd. TEVA +0.48%  said President and Chief Executive Jeremy Levin will depart from the company after less than a year and a half at the helm, and said a committee has been formed to begin a search for a permanent successor.<br /><br />The Israel-based generic-drug maker said its board ""has agreed"" with Mr. Levin, who became CEO in May 2012, that he will step down from the post. Chief Financial Officer Eyal Desheh, who has worked at Teva for 12 years, will serve as president and CEO on an interim basis, effective immediately.<br /><br />The departure comes after Teva earlier this month disclosed plans to reduce its global workforce by 10%, or 5,000 employees, underscoring growing competitive pressures in the generic-drug industry.<br /><br />As the generics industry has grown, companies are facing intense price competition, as well as fewer new opportunities in the once-lucrative business of being the first to sell copies of blockbuster brands that lose patent protection. Teva's sales and earnings have declined this year partly because of weakness in its core generics business in the U.S. and Europe.<br /><br />The company is scheduled to report its third-quarter earnings on Thursday.<br /><br />American depositary shares were down 3.7% to $39.50 in recent premarket trading. The stock is up 9.9% year to date.