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Vasella to step down as Novartis chair

January 24, 2013 2:25 AM UTC

Novartis AG (NYSE:NVS; SIX:NOVN) disclosed in its 4Q12 earnings that Chairman Daniel Vasella decided not to stand for reelection at the pharma's annual general meeting on Feb. 22. Vasella, who was CEO during 1996-2010, has been chairman since 1999. The pharma's board expects Joerg Reinhardt to become chairman, effective Aug. 1. Reinhardt, who was COO at Novartis during 2008-10, is slated for election as a director at the upcoming meeting. Novartis said Vice Chairman Ulrich Lehner will lead the board in the interim.

Reinhardt left Novartis in 2010 after the pharma promoted Joe Jimenez to CEO from head of the pharmaceuticals division. Reinhardt became chairman of the Bayer HealthCare AG unit of Bayer AG (Xetra:BAYN), which said he will depart, effective Feb. 28. Reinhardt will be replaced at Bayer by Wolfgang Plischke, a director. ...