Novartis appoints Vasant Narasimhan as its new CEO
Novartis CEO Joseph Jimenez is set to retire in early 2018, with Vasant Narasimhan appointed as his replacement.
Jimenez has served the Swiss pharma giant for ten years but will step aside in February in order for current Chief Medical Office Dr Narasimham to take over.
Europe’s largest drugs maker has faced challenges in recent times, with a decision soon to be made on the future of its struggling Alcon eye-card business.
“I would like to express my sincere appreciation for Joe's achievements as CEO,” said Joerg Reinhardt, Chairman of the Novartis Board of Directors.
“During his tenure, Joe focused Novartis on leading global businesses, while divesting non-core divisions. Under his leadership the innovation pipeline was rejuvenated.
“We anticipate a smooth transition as Joe built a strong leadership team and mentored his successor. Novartis will be well positioned to continue its momentum.”
Dr Narasimhan has progressed at Novartis since joining the company in 2005, having previously worked for McKinsey and Co.
The US citizen was educated at Harvard University and is an elected member of the US Academy of Medicine.
He added: “I feel honoured and humbled to be asked to lead Novartis.
“We will continue our legacy of bringing leading innovation to patients around the world.
“With our recent launches, our strong pipeline, broad capabilities, world-class leadership team, and committed people, I am very confident about our future.”