Israeli drugmaker Taro Pharmaceutical Industries (NYSE:TARO) has a new CEO -- and a new Chairman of the Board, as well.

On Thursday, Taro announced the imminent retirement of Interim Chief Executive Officer Mr. James Kedrowsk, who will be replaced August 1 by new permanent CEO Mr. Kalyanasundaram Subramanian ("Kal Sundaram"). Additionally, the company said that Dilip Shanghvi has been appointed Chairman of its Board of Directors.

Taro noted that, in taking the CEO's job, "Sundaram" -- formerly the company's Chairman -- is giving up his Chairman's title because Israeli law does not permit one person to be both "Chairman & CEO" of a publicly traded Israeli company. Shanghvi, who had served as Chairman once already, will be taking up that title once again now that Sundaram cannot serve.

As for exiting-CEO Kedrowski, he says he's leaving the firm's employ (but remaining on the Board) "to spend more time with my family." Kedrowski expressed confidence "that Taro is well positioned for the future," without him.

Taro shares shrugged off the news, sitting mostly flat in Thursday trading, and closing at $59.67.