• Novartis’ Vasella to Handover CEO Post to Jimenez
Long time CEO of Swiss Pharma giant Novartis AG, Dr. Daniel Vasella, will step down as CEO and handover the helm to his successor Mr. Joe Jimenez from February 1, 2010.
Dr. Vasella, a 56-year-old Swiss, has led Novartis for 14 years and built it into one of the world's largest drug companies by sales. He said he would focus on strategic priorities as chairman, including completing the $50 billion takeover of eye-care company Alcon Inc.
Mr. Jimenez, a 50-year-old American, has led Novartis's largest division—its prescription-drug business—for the past 2 years, having spent most of his career at HJ Heinz Co., Clorox Co. and ConAgra Foods Inc.
Novartis announced the changes as it said fourth-quarter sales rose 28% to US$12.9 billion and net income rose 54% to US$2.3 billion. Results were boosted by sales of pandemic flu vaccine, which reached US$1 billion in 2009—most of that coming in the fourth quarter.
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