Novartis CEO Joe Jimenez leaves post

  • Push-out Score suggests push-out forces
  • After eight years on the job
  • Accolades, praise and thanks for Jimenez
  • Vas Narasimhan taking over
  • Jimenez made a lengthy statement and said 78 words

(exechange) — Basel, Switzerland, September 04, 2017 — Joe Jimenez, chief executive of Novartis, leaves. His departure is made public at an early stage. As announced by Novartis AG in a news release on Monday, September 04, 2017, Joseph (Joe) Jimenez leaves the post as Chief Executive Officer at the pharmaceutical company in a surprising move after eight years on the job, effective January 31, 2018.

Jimenez leaves the company effective August 31, 2018.

Jimenez’ duties are taken over by Vas Narasimhan, currently Global Head of Drug Development and Chief Medical Officer at Novartis AG.

“My family is ready to return to Silicon Valley and the US”

The management change is explained as follows. Jimenez said: “Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas. … On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the US.”

Precise information about the future plans of Jimenez was not immediately available.

“Step down”

Novartis said: “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.”

Share price decline

The change follows a decline in the share price of Novartis AG since July 2015.

Chaired by Joerg Reinhardt

Novartis AG is chaired by Joerg Reinhardt.

Joerg Reinhardt has been Chairman of the Board of Directors since 2013.

On the job as CEO since 2010

Jimenez has been the Chief Executive Officer at Novartis AG since February 1, 2010.

Jimenez previously held the position of Division Head, Novartis Pharmaceuticals. He joined Novartis in 2007 as Division Head, Novartis Consumer Health.

Before that, he served as president and CEO of the North American and European businesses for the H.J. Heinz Company.

He also served on the board of directors of Colgate-Palmolive Co. from 2009 to 2015, and of AstraZeneca PLC from 2002 to 2007.

Jimenez is a member of the board of directors of General Motors Co. He graduated in 1982 with a bachelor’s degree from Stanford University and in 1984 with a Master of Business Administration from the University of California, Berkeley, both in the United States.

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.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Joe Jimenez’ move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 37.2017 ($).