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Novartis shuffles management

January 27, 2010 1:50 AM UTC

Novartis AG (NYSE:NVS; SIX:NOVN) reported earnings and announced management changes on Tuesday, including the promotion of Joe Jimenez to CEO from head of the pharmaceuticals division. He replaces Daniel Vasella, who will remain chairman. Other changes include promoting deputy CFO Jon Symonds to CFO and naming David Epstein, president and CEO of the pharma's Oncology and Molecular Diagnostics division, to head of the pharmaceuticals division. Symonds will replace Raymund Breu, who is retiring.

Additionally, COO Joerg Reinhardt will depart and the COO position will be eliminated. Reinhardt started at Sandoz Pharma Ltd. in 1982. Sandoz subsequently merged with Ciba-Geigy Ltd. in 1996 to create Novartis. The management changes, which will be effective Feb. 1, complete the CEO succession plan that began in 2008 (See BioCentury Extra, Monday, Oct. 20, 2008). ...