AstraZeneca appoints new chief financial officer

AstraZeneca has announced the appointment of Simon Lowth as chief financial officer and an executive officer of the company, with this move to be effective from November 5th 2007.

In this position, Mr Lowth will be responsible for finance and information services at the firm.

Prior to its sale to Iberdrola in May 2007, Mr Lowth was finance director at Scottish Power, a role he held following two years as an executive director heading up corporate strategy and development.

At Scottish Power, Mr Lowth played a vital role in the rejection of the merger bid from E.On two years ago and the acceptance of the bid from Iberdrola in November 2006.

David Brennan, chief executive officer of AstraZeneca, said: “Simon brings to AstraZeneca a track record of delivering good financial results combined with extensive strategy and business development expertise.

“I am confident that he will be a valuable addition to the senior executive team and an able leader of AstraZeneca’s strong finance team”

Louis Schweitzer, chairman of the firm, noted that the experience of Mr Lowth had been vital in the improved performance of Scottish Power, with his work resulting in vital improvements in both business operations and financial performance.

Last month, AstraZeneca issued bonds worth 750 million euros (514 million pounds) as part of its successful debut Eurobond transaction.