Sandoz CEO steps down, fueling questions about the unit's future

Richard Francis will be stepping down as chief executive of Sandoz, the Novartis (NOVN: VX) generics and biosimilars division, and as a member of the executive committee of Novartis on March 31, 2019.

Francesco Balestrieri, currently region head Europe, Sandoz, has been appointed as interim CEO of Sandoz, reporting to Novartis CEO Vas Narasimhan.

Dr Narasimhan said: "I would like to thank Richard for his strong leadership of Sandoz over the past five years. During his tenure, Sandoz has consolidated its position as a global leader in Biosimilars and he and his team have successfully navigated the business through changing market dynamics and challenging headwinds in the US. Now, as we initiate a multi-year transformation program for the business and move to make it more autonomous, Richard has decided that for personal reasons he cannot commit to stay with Sandoz until the transformation is completed. I understand his decision and wish him the very best for the future."