Sanofi’s chief executive ousted
pharmafile | October 29, 2014 | News story | Medical Communications, Research and Development, Sales and Marketing | Christopher Viehbacher, Sanofi
Sanofi’s chief executive Chris Viehbacher has been ejected from his role after the French firm’s board lost patience with his leadership style.
It says via a statement this morning that it has “decided unanimously to remove Christopher Viehbacher as chief executive of Sanofi”.
Sanofi goes on: “As a consequence Christopher Viehbacher resigned as a director of Sanofi. The board of directors thanks Christopher Viehbacher for all the work done during the last six years, which has enabled the group to move through a sensitive and important transition phase.”
The statement adds: “Going forward, the group needs to pursue its development with a management aligning the teams, harnessing talents and focussing on execution with a close and confident co-operation with the board” – suggesting that Viehbacher no longer had the confidence on the board.
This comes just a day after the French company announced its third-quarter results, which saw group sales up 5.1% to €8.7 billion.
But analysts were less impressed and the firm’s shares plunged following a forecast for 2015 diabetes sales disappointed investors, as the company does not expect this franchise – its biggest pharmaceutical section – to grow next year.
Viehbacher had batted away questions from reporters yesterday over his departure, but last week a letter purported to be from the former chief executive was leaked on a French news site asking whether the board wanted to get rid of him.
Viehbacher, 54, has also clashed with some directors recently over a number of issues, incluidng his efforts to sell an $8 billion drug portfolio, as well as his recent move to Boston and his management style in general, according to people familiar with the matter talking to Bloomberg.
Sanofi says that pending the decision on the appointment of a new chief executive, the board has asked Serge Weinberg to fulfil jointly, as of today and on a temporary basis, the functions of chairman (his current role) and chief executive. The two jobs will be once again be separate when a new chief executive is found.
Ben Adams
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