Boardroom Cuts, Small Acquisitions Won't Cure AstraZeneca PLC (AZN)
4/27/2012 8:00:38 AM
AstraZeneca Plc (AZN)’s board is under pressure to find a dealmaker. The London-based company yesterday named Chief Financial Officer Simon Lowth as interim chief executive officer after David Brennan resigned following criticism from investors. Lowth said yesterday he will stick to smaller acquisitions until the board reviews strategy in the second half. Brennan’s resignation after six years in the job gives the board a chance to do something “aggressive,” said Navid Malik, an analyst at Cenkos Securities Plc in London. With sales slumping on competition from generic medicines and the company struggling to develop new products, AstraZeneca should find a CEO who won’t be content with smaller purchases and drug- licensing deals, he said.