Shire announces CEO succession plan

Shire has announced that Dr Flemming Ornskov will succeed Angus Russell as its chief executive officer (CEO) on April 30th 2013.

Mr Russell is retiring from the industry following a career spanning 32 years, of which 13 have been spent with Shire in a variety of roles, allowing him to play a key part in its recent growth.

His successor joins the organisation from Bayer HealthCare, where he oversaw the full pharmaceutical product portfolio in the position of chief marketing officer and global head of strategic marketing for general and specialty medicine.

Dr Ornskov will become CEO designate on January 2nd and will work alongside Mr Russell for a period of time in order to ensure the smoothest possible transition.

Shire chairman Matthew Emmens said the new CEO's "unique combination of skills and experience will bring an innovative outlook to Shire and help steer the company toward continued growth".

Earlier this month, the firm published its financial results for the third quarter of 2012, during which it experienced a modest year-on-year revenue increase of one percent.