Sanofi CEO Olivier Brandicourt Retires; Paul Hudson Named Replacement -- Update
07 June 2019 - 4:23PM
Dow Jones News
(Updates with analyst comment, background on Mr. Hudson,
comments from Novartis and Sanofi)
By Anthony Shevlin and Olivia Bugault
French drug maker Sanofi SA (SAN.FR) said Friday that Chief
Executive Olivier Brandicourt will retire and that he will be
replaced Swiss pharmaceutical giant Novartis AG's (NOVN.EB) Paul
Hudson.
Sanofi said Mr. Hudson, who most recently served as chief
executive of Novartis's pharmaceuticals unit, will succeed Mr.
Brandicourt effective Sept. 1.
"The board of directors would like to thank Olivier Brandicourt
for the energy with which he has steered the group through a
complex period and for his decisive contribution to the company's
return to growth," Sanofi said in a statement.
Mr. Hudson has previously held roles with major pharmaceutical
companies including AstraZeneca PLC (AZN.LN).
Serge Weinberg, chairman of the board of directors of Sanofi,
said: "We are very pleased that Paul Hudson has agreed to join
Sanofi. His skills and experience give him all the assets he needs
to accelerate growth and lead the group's adaptation to new
strategic challenges, particularly in the areas of research and
development and digital."
Citi analysts said the market should react positively to Mr.
Hudson's appointment "given [his] operational track record at both
AstraZeneca and Novartis, and in light of some of the names
previously cited by the French press as candidates for the
role."
In a separate statement, Novartis said it named Marie-France
Tschudin as president of the company's pharmaceuticals unit.
Novartis Chief Executive Vas Narasimhan said: "I am pleased that
Marie-France Tschudin is ready to take over from Paul Hudson to
further grow the business and lead the expected upcoming launches
of our transformative medicines."
Write to Anthony Shevlin and Olivia Bugault at
anthony.shevlin@dowjones.com and olivia.bugault@dowjones.com
(END) Dow Jones Newswires
June 07, 2019 02:08 ET (06:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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