Switzerland: New CEO Unexpected Change in Novartis Management

Novartis announced a change in their management team: Vasant (Vas) Narasimhan will replace Joseph Jimenez as Chief Executive Officer.

Basel/Switzerland — Joseph Jimenez, Chief Executive Officer (CEO) of Novartis, has informed the Board of Directors of his desire to step down as CEO in 2018, after eight years in position. The Board of Directors has appointed Vasant (Vas) Narasimhan, M.D., Global Head of Drug Development and Chief Medical Officer, as CEO of Novartis, effective February 1, 2018. Dr. Narasimhan is a member of the Executive Committee and joined Novartis in 2005.

Mr. 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. Mr. 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 retires from Novartis on August 31, 2018.

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The designated CEO 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. Before joining Novartis in 2005, he worked at McKinsey & Company. He received his medical degree from Harvard Medical School in the US and obtained a master's degree in public policy from Harvard's John F. Kennedy School of Government.

In addition, he holds a bachelor's degree in biological sciences from the University of Chicago, also in the US. During and after his medical studies, he worked extensively on a range of health issues in developing countries. Dr. Narasimhan is an elected member of the US National Academy of Medicine. He is a US citizen born in 1976, married with 2 children, and lives in Basel, Switzerland.

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