Novartis CEO Joe Jimenez to Step Down in January

   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 [e-mail]

(END) Dow Jones Newswires

September 04, 2017 01:58 ET (05:58 GMT)

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