Jerome Carle steps down as Julphar Chief Executive
Chief Executive of Gulf Pharmaceutical Industries, Jerome Carle, is stepping down from his post at the United Arab Emirates drug manufacturer facing mounting pressure.
Julphar, one of the biggest generic drugs manufacturers in the Middle East and North Africa said Jerome Carle has “tendered his resignation” and the board has accepted it. His last working day will be December 8th.
Julphar did not cite any reason for Mr Carle’s departure from the firm where he joined as Corporate Chief Financial Officer in January 2017 and took over the role of General Manager in August that year.
Carle has been serving as Chief Executive since May 2019 having previously worked for French pharma-giant Sanofi.
Julphar has seen a few problems recently as in recent months it had to recall several of its products from cough syrups to mouthwashes as health authorities in UAE raised concerns about safety.
The firm has also replaced several of its top executives in recent months and appointed new board members as financial stress mounted on the firm. [Bloomberg] reported in July that the company also cut 3% of its workforce or 150 jobs.
In September the company faced a ban on exports to Saudi Arabia and in response had taken measures and “actions to strengthen the organisation and maximise cash flows”.
Mr Carle said in a financial statement: “Our second quarter performance was disappointing primarily due to continued challenges in Saudi Arabia coupled with unfavourable conditions in some of our key markets.
“However, we have started a transformation that will make us stronger in the long run.”