Novartis names next chief executive officer

Novartis has announced that its chief executive officer (CEO) Joseph Jimenez will be stepping down from his post in 2018.

Mr Jiminez has been in the position for eight years, having joined Novartis in 2007 as head of its consumer health division. He has been credited with refocusing the company's strategy, refreshing its innovation pipeline and successfully navigating the patent expirations of its two largest products.

He will step down as CEO on January 31st 2018, but will be available for advice and support until he retires completely from Novartis on August 31st next year.

The board of directors at Novartis has appointed Dr Vasant Narasimhan, the firm's current global head of drug development and chief medical officer, as Mr Jiminez's successor as CEO, effective as of February 1st 2018.

Dr Narasimhan is a member of the executive committee and joined Novartis in 2005, meaning he offers considerable leadership experience and medical science expertise.

Joerg Reinhardt, chairman of the Novartis board of directors, said: "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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