Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) stock was down Tuesday on news that CEO Erez Vigodman is leaving the company.

Teva Pharmaceutical Industries Ltd (ADR) says that its Board and Erez Vigodman reached a mutual agreement for his departure. It also notes that the CEO is giving up his seat on the Board of Directors. These changes are effective immediately.

“I believe that now is the right time for me to step down,” the former Teva Pharmaceutical Industries Ltd (ADR) CEO said in a statement. “It has been a privilege to lead Teva, and I am proud of all we have accomplished. I am confident that the Company’s future is bright.”

Teva Pharmaceutical Industries Ltd (ADR) has already chosen Dr. Yitzhak Peterburg as its interim President and CEO in Erez Vigodman’s absence. Peterburg has been serving as the company’s Chairman of the Board of Directors since January of 2015. He has given up that role to act as the interim President and CEO of TEVA and comply with Israeli laws.

Dr. Sol J. Barer is taking over the role of Chairman of the Board of Directors from Yitzhak Peterburg. Barer has been a member of the Board since January 2015. He will lead TEVA’s Baord of Directors as they search for a permanent CEO replacement for Erez Vigodman.

In its recent announcement that Erez Vigodman is departing, Teva Pharmaceutical Industries Ltd (ADR) also gave a release date for its fourth quarter of 2016 earnings report. It will release this report on Feb. 13, 2017.

TEVA stock was down 5% as of Noon Tuesday.