Novartis CEO making surprise exit; CMO picked to replace him

London

NOVARTIS AG announced the surprise departure of chief executive officer Joseph Jimenez after eight years at the helm of Europe's largest drugmaker, during which time he reshaped the company with asset swaps and prepared the sale of underperforming divisions.

Vasant Narasimhan, the chief medical officer (CMO) and global head of drug development, will succeed Mr Jimenez from Feb 1, 2018, Novartis said in a statement on Monday.