AstraZeneca today announced that Pascal Soriot has been named CEO, effective Oct. 1.
Simon Lowth will remain as AstraZeneca’s Interim CEO until Pascal Soriot joins the company. At that point, Simon Lowth will resume his responsibilities as Chief Financial Officer.
Lowth had held the post following the retirement earlier this year of David Brennan It is widely believed that Brennan left AstraZeneca, due to concerns about the company’s financial performance and the lack of a strong development pipeline, following the loss of patent protection on blockbuster drugs.
A French national, Soriot , 53, joins AstraZeneca from Roche AG where he has served as Chief Operating Officer of the company’s pharmaceuticals division since 2010. In his current role he has global responsibility for development, manufacturing, commercial operations and administration for a pharmaceuticals business that recorded sales of $34 billion in 2011 and has about 44,000 employees worldwide.
Prior to that Pascal Soriot was CEO of Genentech, where he was credited with leading the successful merger between the San Francisco-based biologics business and Roche. Soriot joined the pharmaceutical industry in 1986 and has worked in senior management roles in the US, Asia and Europe.
Leif Johansson, Chairman of AstraZeneca PLC,said: “This is a key appointment at an important time for AstraZeneca and we are certain that Pascal’s leadership qualities combined with his strategic thinking and relevant experience make him the right person to drive the company to success over the coming years. I am confident that Pascal’s approach and his track record of delivering results in innovation-driven businesses will be valued by shareholders and employees alike.”
AstraZeneca has administrative and manufacturing operations in northern Delaware.
