AstraZeneca boss to stand down as revenues fall
THE boss of AstraZeneca, the pharmaceutical giant with major operations in Cheshire, is to stand down in June.
American David Brennan, who has led the company for more than six years, said he had “decided that now is the right time to step down and allow a new leader to take the reins.”
Chairman Louis Schweitzer priased his ‘selfless leadership’ and added: “David has led AstraZeneca’s business with skill, integrity and courage during a period of enormous change for the pharmaceutical industry and for the company.”
The Anglo-Swiss company, which is under pressure to rebuild its pipeline of drugs as patents for best-selling treatments expire, said chief financial officer Simon Lowth would step up to act as interim CEO June 1until a permanent successor to Mr Brennan.
Mr Brennan’s departure came as AZ, which employs around 6,000 people in Alderley Edge and Macclesfield announced a fall in first quarter revenue and earnings.
Revenue for the first quarter was $7,3bn, down 11% at constant exchange rates, while profits were down 19% at $2,89bn, compared with
$3,5bn in Q1 2011.
The company said the loss of exclusivity on several key brands accounted for 8% of the revenue decline.
Mr Brennan said: “The anticipated impact from the loss of exclusivity on several brands, together with challenging market conditions, has made for a difficult start to the year in revenue terms.”
In February the company said it planned to cut 7,300 jobs from its global workforce in a move to boost productivity and cut costs by £1bn a year.
