Swiss pharmaceuticals group Novartis has announced its chief executive Joe Jimenez will step down early next year and be replaced by Vas Narasimhan, its global head of drug development.
Mr Jimenez, 58, will have headed the Basel-based drugmaker for eight years. He was responsible for restructuring and streamlining the company after the rapid global expansion under his predecessor Daniel Vasella.
Novartis has faced a difficult past two years, however, after disappointing initial sales of a new heart drug and uncertainty over the future of its underperforming Alcon eyecare buswiness, acquired from Nestlé for $50bn in 2010.
Mr Jimenez said in a statement on Monday:
This is the right moment to hand the leadership reins of the company to Vas. Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the US.
Mr Narasimhan, 41, joined Novartis from McKinsey consultants in 2005 and has a medical degree from Harvard Medical School.