Chief Medical Officer and global head of drug development at Novartis, Vasant Narasimhan is all set to take over as the CEO of Europe's largest drug-maker after the company announced the surprise departure of CEO Joseph Jimenez. Chairman Joerg Reinhardt said the company conducted “a thorough evaluation of internal and external candidates” with the help of an executive search firm. Jimenez, 57, retires at a crucial stage as Novartis struggles to make a decision on the future of its ailing Alcon eyecare business or its stake in crosstown rival Roche Holding.
Jimenez said his departure would not affect a strategic review of Alcon, with an update due by year's end. “We're going to consider all options, ranging from keeping the business up to a capital markets exit. There really is no change, so don't read anything into it,” he aid.
Along with fellow young leaders in the company, Narhsimhan seeks to improve Novartis' ways of moving drugs from the laboratory into commercial products, something they acknowledge has not always worked efficiently. “I believe a leader has to be in place at the beginning of that growth to see it through. And that wouldn't be me, given that I'm already eight years into my tenure.” He added, “That's going to continue to be the focus of the company: To translate that innovation into commercial success.”
