Novartis names successor to CEO departing in 2018
BASEL, Switzerland — Novartis has chosen a successor to CEO Joseph Jimenez, who will be stepping down from the position in 2018 after 8 years in the position. The company has named its current global head of drug development and chief medical officer, Dr. Vasant Narasimhan, as CEO, effective Feb. 1, 2018.
Jimenez joined Novartis in 2007, leading its consumer health division before becoming head of the Novartis Pharmaceuticals division. He will step down, effectivt Jan. 31, 2018 aand remain available until his retirement on Aug. 31, 2018.
“I would like to express my sincere appreciation for Joe's achievements as CEO,” Novartis chairman Joerg Reinhardt said. “During his tenure, Joe focused Novartis on leading global businesses, while divesting non-core divisions. Under his leadership the innovation pipeline was rejuvenated, and we successfully navigated the patent expirations of our two largest products. 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.”
Narasimhan, who joined the company from McKinsey in 2005, has held various leadership positions in commercial, drug development and strategy roles, having held such titles as head of development for Novartis Pharmaceuticals. He received his medical degree from Harvard Medical School and has a master’s degree in public policy from Harvard’s John F. Kennedy School of Government.
“Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas,” Jimenez said. “Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the United States. I'm confident that Vas will be an excellent successor.”
Narasimhan said, “I would like to congratulate Joe and express my gratitude to Joe, Joerg, and the Board of Directors. I feel honored and humbled to be asked to lead Novartis. We will continue our legacy of bringing leading innovation to patients around the world. With our recent launches, our strong pipeline, broad capabilities, world-class leadership team, and committed people, I am very confident about our future.