Wednesday, January 23, 2013

So long Daniel

Novartis’s Vasella to Resign; Bayer’s Reinhardt Returns

Novartis AG (NOVN) Chairman Daniel Vasella will step down from the board of Europe’s biggest drugmaker after 17 years, and Bayer AG (BAYN)’s top health-care executive will replace him.

Vasella, who oversaw the 1996 merger of Sandoz AG and Ciba- Geigy AG that created Novartis, ceded the role of chief executive officer to Joe Jimenez in 2010. Joerg Reinhardt, who left Novartis that year after losing out to Jimenez for the top job, will return as non-executive chairman, the Basel, Switzerland-based company said in a statement today.

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