Updated on 30 October 2014
Mr Chris Veihbacher, CEO, Sanofi (PC: ceoworld.biz)
Singapore: French pharma giant,Sanofi's, CEO Mr Chris Veihbacher has been expelled by the board of directors on grounds of inadequate management and failure to effectively communicate and deal with the company's strategies.
This news ends the six year tenure of Mr Veihbacher as the executive of the pharma giant. Reports state that during Mr Veihbacher period, Sanofi had experienced major growth expansions and acquisitions. Industry insiders said that the executive had a major share in making Sanofi a global player, by focusing on R&D and overall development of Sanofi.
Mr Serge Weinberg, the chairman, said in a recent press conference that the board members did not disagree with Mr Viehbacher on strategy but rather were unhappy with his execution and failure to communicate with them.
Sanofi's tumbling profits, released alongside third-quarter earnings, also appear to have been the trigger for the decision. During the declaration, the company had admitted that the pressure from competition would seriously hit sales of Lantus, its blockbuster diabetes drug that accounts for over a sixth of group sales at present.