AstraZeneca poaches Soirot from Roche to be new chief executive
pharmafile | August 28, 2012 | News story | Sales and Marketing | AstraZeneca, Soirot
AstraZeneca has poached Roche’s head of pharma, Pascal Soriot, to be its new chief executive. He joins on 1 October.
The Anglo-Swedish drugmaker will the 53-year old Frenchman can restore its fortunes after many years of declining fortunes. He replaces David Brennan, who left at the beginning of June.
Interim chief executive Simon Lowth will carry on until Soriot joins, after which Lowth reverts to his old job of chief financial officer.
Lowth has not been idle in his caretaker position, overseeing last month’s $7 billion deal with Bristol-Myers Squibb to buy diabetes specialist Amylin.
Soriot, chief operating officer of Roche’s pharmaceuticals division since 2010, will have a challenge on his hands in the new post.
Brennan was forced out after shareholder pressure over the company’s recent performance.
It is significant that Leif Johansson, AstraZeneca’s chairman, insisted Soriot’s track record “will be valued by shareholders and employees alike”.
Pipeline issues and financial results will be top of Soriot’s ‘to do’ list when he arrives: he will sit on AstraZeneca’s plc board as an executive director, a position that Lowth also holds.
Soriot clearly has his eyes wide open. “No-one is blind to the challenges that confront the pharmaceutical sector and this company, but the underlying strengths of AstraZeneca in delivering on its strategy are clear,” he said.
Soriot has an international pedigree in a 25-year career, including stints with Sanofi in New York, Tokyo, Sydney and Paris. He also has experience of big deals, which will appeal to a firm looking for a calm hand at the tiller.
Before his current role he was chief executive of Genentech, and led the US biologics firm’s merger with Roche.
Soriot’s departure has prompted a flurry of internal activity at Roche, with Daniel O’Day, currently chief operating officer of Roche Diagnostics, set to replace Soriot from 1 September.
Roland Diggelmann, head of the Asia-Pacific region within the diagnostics division, will take over from O’Day.
Adam Hill
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