Lonza investors were reportedly taken aback this week by the surprise announcement that the company’s CEO is planning to step down.
The company said that its CEO, Mark Funk, is leaving for “personal reasons” but did not elaborate further on the reason for his departure. Funk is reportedly planning to stay at the helm of Lonza until January while the company hunts for a new leader. The company’s chairman, Albert Baehny, will serve as interim CEO.
Lonza reported that it is moving ahead with its ongoing restructuring efforts, which involve spinning off its specialty ingredients division, which includes corrosion control chemicals, while investing in the expansion of its pharma, nutrition and biotech business.
The forthcoming departure marks the second time in a year that Lonza, a Swiss-based CMO in the pharma and chemicals industries, has lost its CEO. The company’s last CEO, Richard Ridinger, who oversaw several acquisitions including the $5.5 billion takeover of Capsugel, retired at the beginning of this year.
Read the Reuters report.