Joseph Jimenez, chief executive officer (CEO) of Novartis, has announced his plans to retire in 2018 and has informed the company’s Board of Directors of his decision to step down as CEO in 2018, after eight years in the position. The Board of Directors has appointed Vasant Narasimhan, MD, now global head of drug development and chief medical officer, as the new CEO of Novartis, effective February 1, 2018. Narasimhan is a member of the Executive Committee and joined Novartis in 2005.

Narasimhan has held numerous leadership positions across Novartis in commercial, drug development, and strategy roles. Prior to his current role, he served as head of development for Novartis Pharmaceuticals.

Jimenez, who has been CEO since 2010, joined the company in 2007. He first led the Consumer Health Division and then held the position of division head, Novartis Pharmaceuticals. Jimenez will step down as CEO, effective January 31, 2018, and will be available for advice and support at the request of the chairman of the Board of Directors or the CEO until he officially retires from Novartis on August 31, 2018.

Source: Novartis