ARTICLE | Strategy

Line of succession

December 24, 2001 8:00 AM UTC

With the replacement of QLT Inc. CEO Julia Levy by Paul Hastings, the company is trading a science-based talent for an executive who has built his career on marketing and sales. The change announced last week marks a natural pattern of maturing biotech companies that have reached profitability. But Hastings said the focus on building a sales force won't be at the expense of developing new therapies.

Levy told BioCentury that QLT (QLTI; TSE:QLT, Vancouver, B.C.) had been looking for her replacement for the past year. In part, she said her decision to step down as CEO was based on the fact that she is reaching retirement age and was interested in getting back to the science. Levy, an immunologist who helped found QLTI in 1981, has held several scientific positions within the company, including CSO. She will continue to advise the company on scientific issues and will remain a director. ...