March 14, 2019 / 6:29 AM / a month ago

Novartis names new CEO for Sandoz generics business

ZURICH, March 14 (Reuters) - The chief executive of Sandoz, the generics business of Swiss drugmaker Novartis, is stepping down “for personal reasons”, the company said on Thursday.

Francesco Balestrieri, head of Sandoz’s Europe region, will become interim CEO, replacing Richard Francis.

“Now, as we initiate a multi-year transformation programme for the business and move to make it more autonomous, Richard has decided that for personal reasons he cannot commit to stay with Sandoz until the transformation is completed. I understand his decision and wish him the very best for the future,” group CEO Vas Narasimhan said in a statement. (Reporting by Michael Shields Editing by Riham Alkousaa)

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