AstraZeneca, Wyeth anoint new execs

Two new Big Pharma execs, two different approaches. Choosing stability over change, Wyeth announced that it would promote No. 2 Bernard Poussot (photo) to president and CEO as of January 1. He will replace retiring CEO Robert Essner. It's to be an orderly succession, with a transition period à la new U.S. presidents, giving Poussot a chance to strategize while Essner still holds the reins. Essner will stay on as chairman after January 1, until the transition is complete.

AstraZeneca opted for the overhaul. As rumored, the company decided to get an outsider's perspective, appointing Scottish Power exec Simon Lowth as its new CFO. Not only is Lowth from a completely different industry, he's also a seasoned objective observer: He spent 15 years as a management consultant with McKinsey & Co., a firm that's never shy about recommending radical restructuring, including big-time cost cutting. Lowth also was part of the team that overhauled Scottish Power--slashing costs along the way--and helped negotiate its sale to Iberdrola in May. Lowth replaces Jon Symonds, who left the drug maker for Goldman Sachs Group in June.

- see Wyeth's press release
- read AstraZeneca's press release

Related Articles:
Wyeth stumbles badly trying to develop new drugs. Report
Wyeth buyout a good deal for Pfizer? Report
Wyeth stock down after several setbacks. Report
Wyeth, Solvay handed FDA rejection. Report

Free Webinar

From Patient Adherence to Manufacturing Ease - Why Softgels Make Sense for Rx

THIS WEEK: Join Thermo Fisher Scientific’s upcoming webinar to learn why softgels offer numerous benefits for Rx drug development, including enhanced bioavailability, patient compliance and easy scale-up. Register Today!

Suggested Articles

North Korean hackers were accused of posing as corporate recruiters in a scheme to breach AstraZeneca's computer systems and steal COVID-19 research.

The FDA has delayed its review of Revance's frown-line injection candidate after it failed to inspect a key manufacturing facility on time.

McKinsey & Company helped guide Purdue's strategy for years and pitched the idea of rebates to distributors for overdoses, according to the NYT.