Roche announces retirement of executive committee member

Roche has announced that key executive committee member Erich Hunziker is to retire from the company at the end of March 2011.

Mr Hunziker has spent ten years at the pharmaceutical company and currently holds the positions of chief financial officer (CFO), chief information officer and deputy head of the corporate executive committee.

He has been credited with playing a vital part in the firm's successful development during this time, helping to improve its financial reporting and investor relations department, while creating positive conditions for the privatisation of Genentech.

Roche revealed that he will be replaced in the role of CFO from April 2011 onwards by Alan Hippe, who currently serves in the same position at ThyssenKrupp.

"The board of directors of Roche Holding Ltd thanks Erich Hunziker for his many years of exceptional service and outstanding contributions to the group's success," a statement from the company added.

Earlier this month, Roche completed a takeover of Marcadia Biotech, a drug development firm that specialises in diabetes and obesity treatments.