Novartis has announced that Richard Francis will be stepping down as CEO of Sandoz.
Francis has led Sandoz for five years, during which the drugmaker has firmly established itself as a leader in biosimilars. "As we announced earlier this year, Sandoz is embarking on a significant transformation. While I am excited by this, I realize that this is a multi-year journey which I cannot commit to and therefore have decided that now is the right time to step down." said Francis, regarding his decision.
Francesco Balestrieri, currently Region Head Europe, Sandoz, has been appointed ad-interim CEO Sandoz, beginning March 31.
Read the press release.