AstraZeneca CEO to go early, as 1st-qtr sales and profits plunge; makes deal with TMC for cardiovasculars

26 April 2012

Anglo-Swedish drug major AstraZeneca (LSE: AZN) stunned the markets this morning, announcing that its chief executive David Brennan has decided to step down from this post, as well as the board of directors, effective June 1 (well ahead of his expected retirement) and amid increasing investor discontent at the company's performance. Chairman Louis Schweitzer is also to retire three months ahead of schedule, resulting chairman elect Leif Johansson, former chief executive of Volvo, taking on that post on June 1.

Following Mr Brennan’s decision, the board has asked executive director and chief financial officer Simon Lowth to act as interim CEO from June 1 until a permanent successor is in place. Julie Brown, vice president group finance, will become interim CFO on the same date.

Reported operating profit plunges 37%

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