Novartis Splits Chair and CEO Positions, Names Joe Jimenez CEO
This article was originally published in The Pink Sheet Daily
The news eclipses reports of a strong 2009, in which Novartis received 30 major regulatory approvals, and saw sales grow across major divisions
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Novartis drops plan to pay outgoing chairman Daniel Vasella $78 million to stop him working for competitors, bowing to growing concerns in Switzerland over executive compensation.
Novartis says long-time chairman Daniel Vasella has decided to leave the Swiss drug maker and its board has chosen former COO and current Bayer healthcare division head Jorg Reinhardt to replace him.
Firm's ability to pursue smaller acquisitions or partnerships is improving because of a reduction in net debt.