Just weeks after launching a strategic review, EuroAPI’s board of directors has come to a major personnel decision.
After a Wednesday meeting, the board determined CEO Karl Rotthier will step down Oct. 30. Rotthier has headed the drug ingredients company since 2021, when it was still a part of former parent Sanofi.
Now, EuroAPI’s current chair of the board Viviane Monges will take the reins until a permanent replacement is identified, the company said in a release.
The board also brought on Elizabeth Bastoni as independent lead director to oversee the “efficient running” of the company’s governance structure and to engage with shareholders about the board’s responsibilities.
EuroAPI's board thanked Rotthier for his contributions, which include “establishing the company as a new independent major API and CDMO actor on the market," the company said in a statement.
EuroAPI spun out of Sanofi last year and launched a strategic review earlier this month.
Two weeks ago, the manufacturer slashed its growth projection for the year to a new range of 3% to 5% compared with 7% to 8% previously. At the time, Rotthier cited pricing pressures due to lower inflation coupled with “inventory reduction programs implemented by some of our customers.”
With the forecast changes, EuroAPI also suspended its previously presented midterm view of its prospects from 2023 to 2026.
The drug ingredients maker officially launched in May 2022 with a goal of becoming the “partner of choice for all pharmaceutical and biotech companies,” EuroAPI said at the time. It boasts six manufacturing plants across Europe.