There has been a shakeup in management at Teva Pharmaceutical, with the current president and CEO Erez Vigodman stepping down effective immediately and the chairman of the company’s board of directors Yitzhak Peterburg taking over as interim CEO, writes Linda Loyd for Philly.com.

The announcement was made after the stock market closed on Monday. It comes just a week after a federal court in Delaware rejected four of the company’s claims of patent infringement on Copaxone, Teva’s multiple sclerosis medicine.

“I believe that now is the right time for me to step down,” said Vigodman in a statement.

The pharmaceutical company’s shares closed on Monday down 0.26 percent at $34.35. In the last 52 weeks it has traded between $32.11 and $59.35.

The Israeli generics company with its North American headquarters in North Wales has already started the search for a new permanent CEO.

“The company is focusing on executing opportunities to enhance value for shareholders,” said Yitzhak.

Teva, which will report its earnings for the fourth quarter of 2016 next Monday, employs more than 46,000 employees worldwide, 2,000 of them in the Philadelphia area.

Read more about the change in management at Philly.com by clicking here.