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Sanofi ouster opens can of worms

October 30, 2014 2:26 AM UTC

Sanofi (Euronext:SAN; NYSE:SNY) shares touched a 52-week low of $44.50 in New York on Wednesday before its ADSs closed down $2.85 (6%) to $45.22, on the news that Christopher Viehbacher had been removed as CEO, a move that leaves several loose ends affecting the industry.

The pharma issued a brief statement early Wednesday morning, saying its board had met at 8.a.m. and "decided unanimously" to remove Viehbacher as CEO, after which he resigned as a director. On Monday, the company had issued a terse statement in response to media reports the board intended to discuss the ouster at a separate meeting on Monday, saying "there is no agenda item regarding the succession of Chris Viehbacher" when the board met to review the company's 3Q14 results. ...