Reinhardt is Novartis chairman after Vasella's exit

Singapore: Novartis has appointed Dr Joerg Reinhardt as chairman to the board of directors effective August 1, 2013, for duration of three years. This is following the exit of Dr Daniel Vasella from the postion of chairman. During the transition period, current vice chairman, Professor Dr Ulrich Lehner will lead the board on an ad interim basis.

Dr Lehner, while apeaking about Dr Vasella's exit said that, "It is with great regret that the Novartis board of directors acknowledges the departure of Dr Daniel Vasella from the board, Novartis is thus losing a unique forward thinker of the industry and an extraordinarily successful business leader. There could not be more impressive proof of the sustainability of Dr Vasella's corporate strategy than that we were able to increase the dividend 16 times in succession regardless of economic and regulatory challenges." 

He aslo added, "While the board and Dr Vasella agreed to cancel the proposed non-compete agreement and to forgo all compensation linked to it, we are happy in the knowledge that Dr Vasella will remain committed to the company that he has shaped like no other for the next few years."