Sandoz exec to take up the reins at Stada Arz

Peter Goldschmidt will join Stada Arzneimittel on September 1, 2018 and will succeed Claudio Albrecht as chief executive, making him the fifth CEO since 2016 of the German drugmaker, which was taken over last fall by Bain Capital and Cinven in a deal valuing the firm at 4.1 billion euros (~$5 billion at current exchange rates).

Mr Goldschmidt is joining the company from Novartis (NOVN: VX), where he has held various leadership positions in Europe, Asia and the USA over the past 28 years. He is currently president of Sandoz USA and head North America.

A resolution to that effect was passed at a meeting of the company's supervisory board yesterday. An experienced manager in the OTC and generic drug segment, Mr Goldschmidt will build on the successful course of renewal and growth at Stada which Claudio Albrecht will continue pursuing until the transition of the CEO role. As previously announced, Mr Albrecht will then move on to a non-executive position within the group of companies.