Wyeth names Poussot next CEO

NEW YORK Wyeth has named a replacement for its retiring chief executive officer Robert Essner. Chief operating officer Bernard Poussot will take the reigns effective Jan. 1, according to Reuters.

Poussot will face a number of challenges including generic competition of Wyeth’s blockbuster drugs Protonix and Effexor. The key will be how the company develops its new drugs and how quickly it can get them on the market.

The company also announced that its board approved an increase in its previously authorized share repurchase program to up to $5 billion, which includes about $1.2 billion in stock buybacks already completed this year.