“BASEL, Switzerland— Daniel Vasella, the longtime chairman who helped create Swiss drug giant Novartis AG NOVN.VX +5.41% through a big 1996 merger, is stepping down next month after 25 years at the company, Novartis said as it reported a rise in net profit and flat sales in the fourth quarter.
Novartis said it is nominating Joerg Reinhardt, chief executive of Bayer Healthcare AG and a one-time contender for the Novartis CEO job, as the company’s new chairman. If shareholders approve him for that job, he will step down from his Bayer post in August, Novartis said.
Joe Jimenez will remain as Novartis chief executive. Novartis vice chairman Ulrich Lehner will lead the board until Mr. Reinhardt’s likely arrival in August.
Dr. Vasella, 59, said he felt the time was right to step down after a long tenure at the company. “Novartis is solidly on course to navigate the volatility and uncertainties of today’s economic environment,” he said in a statement.
“I am confident in the leadership of Joe Jimenez and his top team, the company’s strategy with its commitment to innovation, and the course charted to strengthen Novartis as one of world’s leading health-care companies. I have therefore concluded that after 25 years with the company, the time is right for me to ensure a smooth transition.” He didn’t say what his future plans involve…..”
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