Schwarz Pharma: Outgoing CFO had key role in success

Schwarz Pharma has announced the planned retirement of its chief financial officer (CFO) Stephan Roder.

Mr Roder, who has been in the role since July 2007, will resign at his own request at the end of this month in order to seek new challenges.

The company said Mr Roder has played a decisive role in the success of the Schwarz Pharma group and the integration of the business within UCB.

He will be replaced by Olaf Elbracht at the start of September 2008 who will assume responsibilities for finance, controlling, audit and IT.

Mr Elbracht has been vice-president of accounting, reporting, consolidation and shared services of UCB since September 2007.

“Olaf Elbracht will perform his function as CFO of Schwarz Pharma in parallel to his current function within UCB, but UCB will release him for the chief financial officer function,” the company said.

Mr Elbracht has worked for the Schwarz Pharma group since July 1999, starting his career with the firm as head of consolidation and internal management reporting, before being promoted to vice-president of corporate finance two years later.

He was a core team member involved in a number of projects, including the integration of Schwarz Pharma into the UCB group.

Earlier this month, Schwarz Pharma published its half-year report, recording revenues of 196.7 million euros (156 million pounds) in the first six months of 2008.