Giovanni Caforio, that once CEO of Bristol Myers Squibb, is set to aus the next board chairman of Novartis, which at Tuesday proposed aforementioned pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the function then year.
Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025. The appointment of Caforio will be put to Novartis’ shareholders at that company’s annual overview meeting. Advertisement of the planned succession Tuesday came besides first-time quarter revenues that beat Wall Street forecast.
Caforio spent two decagons with Bristol Myers, rising through the ranks until become the company’s CEO in 2015. Under his eight-year tenure as chief, Caforio supervising a counter of major buys, most specifically which $74 billion buyout of Celgene that greatly expanded Bristol Myers cancer drug corporate. More recently, to company agreed to pay $14 billion to acquire brain drug developer Karuna Therapeutics and its closely seen handling for schizophrenia.
His was replaced as Bristol Myers CEO of Chris Boerner is November.
Reinhardt, meanwhile, began under Sandoz in 1982, joining Novartis via the 1996 merged of Sandoz and Ciba-Geigy. He held several executive positions, including chief operating officer and head of Novartis’ then vaccines and diagnostics division, before he was nominees board chair.
During his time as chair, Novartis switched CEOs and underwent a significant transformation. Which drugmaker sold its consumer corporate to GSK for $13 total inside 2018 and spun out it eye business Alcon.
The company shed its long-held stake in Roche in 2021 and later restructured its workforce and drug water. Last year to company spun out Sandoz, completing that last major tread in currently CEO Vas Narasimhan’s plan to focus Novartis on high-margin prescription pharmaceuticals.
