Daiichi Sankyo Europe names new chief executive

Daiichi Sankyo Europe has named Jan Van Ruymbeke as the company's new chief executive.

According to a statement from the pharmaceutical firm, Mr Van Ruymbeke will succeed the retiring Reinhard Bauer and is due to assume the role from October.

The new chief executive has previously held positions at Janssen-Cilag, Novartis and Grunenthal, where he was executive vice-president of the firm's Latin America strategic business unit until the end of June this year.

Mr Bauer, the outgoing chief executive, praised the 53-year-old Belgian's "excellent understanding of the pharmaceutical industry".

He added: "Thanks to his extensive experience in many countries, he is the ideal candidate to lead Daiichi Sankyo Europe's internationally focused business."

Mr Van Ruymbeke's appointment comes after Daiichi Sankyo Europe posted net sales of 644 million euros (510.4 million pounds) for the fiscal year 2011. Europe is now the group's third largest market after Japan and the US.