Shire confirms departure of chief financial officer

Shire has announced that James Bowling, its interim chief financial officer (CFO), will be stepping down from his position and leaving the company early next year.

Mr Bowling has been handed an opportunity to become CFO of the water distribution company Severn Trent and will thus be departing Shire during the first quarter of 2015, ending a decade-long association with the pharmaceuticals firm.

Formerly the company's senior vice-president and group financial controller, Mr Bowling took over the CFO role on an interim basis in March 2014 following the departure of the long-serving Graham Hetherington.

Shire has confirmed that a search for a new CFO will commence with immediate effect.

Flemming Ornskov, Shire's chief executive officer, said: "We are very grateful to him for his interim leadership over the past seven months and his many contributions to Shire in almost ten years with the company."

This comes after the firm recently announced that its planned merger with AbbVie will no longer be going ahead, with both companies to continue as independent organisations.