For the third day in a row, top generic drugs specialist Teva Pharmaceuticals (NYSE: TEVA) had a losing session on the stock market. Overall, it was an eventful week for the company, capped by big news out of its C-suite.

After market hours on Thursday, The Wall Street Journal reported that Teva's CEO Kare Schultz has opted not to renew his contract when it expires in November 2023. That revelation came in an interview with the executive, and the company confirmed that he plans to step down.

Schultz, who is 62 years old, previously stated that he wanted to retire at that age. In the interview, he also said that he wanted to spend more time with his family -- particularly now that his daughter is about to give birth.

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Source Fool.com