Brennan bows to pressure and quits AstraZeneca

pharmafile | April 26, 2012 | News story | Business Services, Manufacturing and Production, Medical Communications, Research and Development, Sales and Marketing AstraZeneca, David Brennan, Q1, pharma 

AstraZeneca’s chief executive David Brennan is to step down from his post following mounting dissatisfaction with his leadership.

Brennan, who turns 60 next year, is to officially take early retirement from the role, but the decision has clearly been forced upon him. The company’s non-executive chairman Louis Schweitzer will also step down three months early on 1 June.

Chief financial officer Simon Lowth will act as interim chief executive from 1 June until a permanent successor is in place.

Leif Johansson will become chairman of the Nomination and Governance Committee after today’s Annual General Meeting.

The announcement  coincides with the firm’s Q1 results, which show a decline in sales and profits for the period.

Revenue for the first quarter was $7.34 billion, down 11% at constant exchange rates, while core EPS was down 19% compared with the first quarter last year.

This period had benefited by $0.46 from two one-off gains – excluding these gains, Core EPS would have increased by 2 per cent.

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