Novartis CEO Joe Jimenez to Step Down in January
04 September 2017 - 04:13PM
Dow Jones News
By Denise Roland
Novartis AG (NVS) said Chief Executive Joe Jimenez will step
down in January after eight years at the helm.
He will be replaced by Vas Narasimhan, who is currently global
head of drug development at the company.
Mr. Jimenez, 58 years old, joined the Swiss pharmaceutical giant
in 2007. He will remain available to Novartis in an advisory
capacity until the end of August next year, when he will retire,
the company said.
Novartis Chairman Joerg Reinhardt credited Mr. Jimenez with
rejuvenating the company's drug pipeline and navigating the patent
expirations of the company's two largest products. "We anticipate a
smooth transition as Joe built a strong leadership team and
mentored his successor," he said.
Mr. Jimenez said Novartis was on a "strong path to the future"
and that it was the "right moment" to hand over the reins to Dr.
Narasimhan.
Dr. Narasimhan, 41 years old, trained in medicine and joined
Novartis in 2005 from management consultancy McKinsey & Co.
Mr. Reinhardt said Dr. Narasimhan's medical background combined
with his "significant experience managing the interfaces between
research and development and commercial units" made him the right
choice to succeed Mr. Jimenez.
Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
September 04, 2017 01:58 ET (05:58 GMT)
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