David Ricks to head Eli Lilly, as John Lechleiter is set to retire

US pharma major Eli Lilly (NYSE: LLY) is to have an new president and chief executive effective next year, as incumbent John Lechleiter is to retire at the end of 2016, the company has announced.

This is the second CEO departure for a leading drugmaker announced in the past week, following the announcement that George Scangos is to step down as the chief executive of US biotech major Biogen in the coming months after a successor has been identified.

Lilly's board of directors unanimously elected David Ricks, currently senior vice president and president, Lilly Bio-Medicines, to assume the role of president and chief executive officer and to join the board on January 1, 2017, and to become chairman of the board on June 1, 2017. 63 year-old Dr Lechleiter , who has been the company's CEO since April 1, 2008 having joined the company in 1979, will continue on Lilly's board of directors until May 31, 2017, serving as non-executive chairman, at which time he will leave the board. A successor as president of Lilly Bio-Medicines will be announced at a later date.