Novartis chief executive is stepping down

Here’s why

The chief executive of Swiss pharmaceutical company Novartis is stepping down the company announced today.

Joseph Jimenez will step down next year after being in the role for eight years, he will be replaced by Vas Narasimhan, who is currently Novartis’ global head of drug development and chief medical officer.  He will take over in February but Jimenez will be available for advice and support until he retires in August.

Jimenez said it is ‘the right moment to hand the leadership reins’.

“Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the US,” he added.

“I’m confident that Vas will be an excellent successor.”

Joerg Rheinhardt, the company’s chairman, added: “I would like to express my sincere appreciation for Joe’s achievements as chief executive. During his tenure, Joe focused Novartis on leading global businesses, while divesting non-core divisions.

“Under his leadership the innovation pipeline was rejuvenated, and we successfully navigated the patent expirations of our two largest products. 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.”

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