Genzyme founder calls for CEO change

Genzyme CEO Henri Termeer (photo) is getting hit from all sides. Investors have criticized him, the press has critiqued his performance, and now company founder Sheridan Snyder says Termeer ought to step down, The Street reports. Most worrisome to Snyder, the publication says, are the shortages of Genzyme drugs spawned when the company's manufacturing plant near Boston failed an FDA inspection.

"A CEO change at Genzyme would be a good idea," Snyder tells The Street's Adam Feuerstein. "Henri has had a good run of 20-plus years but what Genzyme needs now is for someone new to come in with higher energy and a different vision. This would help the company."

A company spokesman pooh-poohed Snyder's comments, saying that the company founder departed 20 years ago, and that his and Termeer's vision for Genzyme have always differed. And as The Street points out, Termeer recently told CNBC that there's no reason for him to resign. He also told the network that the company will recover through the first half of 2010 and return to the record-high share prices last seen in 2008.

Genzyme recently rejigged its management and hired consultants to help fix the manufacturing problems. It's also transferring some manufacturing to other facilities to help rebuild inventory in the meantime.

- see the story at The Street
- get more from Reuters

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