Eli Lilly has announced a series of changes to its organization and leadership structure.
The changes come following the November misfire of Alzheimer’s drug solanezumab, which failed a Phase III trial, resulting in the mass dumping of shares, wiping $10B from the company’s market value in a single day.
Changes include the hiring of Christi Shaw, a former Novartis executive, to lead the biomedicines business. Starting April 3. Shaw will take over the job held by David Ricks before he was promoted to Lilly's president and CEO.
Additionally, Lilly Diabetes will host the company's human pharmaceutical commercial operations in the United States, China, Japan and Canada. Enrique Conterno, senior vice president of Lilly and president of Lilly Diabetes, will assume additional responsibilities as president of Lilly USA. Alex Azar, Lilly USA's president, has decided to leave the company to pursue other opportunities.
Lilly's current Emerging Markets business will combine with Europe to form Lilly International, which will have commercial responsibility for the company's human pharmaceutical products in these markets. Alfonso (Chito) Zulueta, who has led the emerging markets business for the last three years, will serve as senior vice president of Lilly and president of Lilly International.
Eli Lilly hopes these organizational changes will increase productivity and simplify the company's global commercial organization.
Read the PR Newswire release