AstraZeneca PLC CEO Quits as Drug Sales Tumble; Interim CEO Named
Published: Apr 27, 2012
AstraZeneca Plc (AZN) Chief Executive Officer David Brennan will retire from his post, ending a six- year tenure after repeated failures in drug development left investors skeptical of the company’s earnings prospects. Simon Lowth, the chief financial officer, will serve as interim CEO until a replacement is chosen, the London-based company said today in a statement. AstraZeneca today cut its profit forecast for the year after first-quarter revenue sank on “challenging market conditions” and the loss of patent protection on several medicines. The stock fell the most in more than two years.