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Novartis names Firmenich CEO as chairman designate of Sandoz
Global Banking & Finance Review®
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ZURICH (Reuters) – Novartis on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year.
ZURICH (Reuters) – Novartis on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year.
Ghostine has been CEO of Geneva-based Firmenich, the world’s largest privately owned perfume and taste company, since 2014.
He will become the chairman of the new board at Sandoz, which is to be formed after its spin-off from Novartis in the second half of 2023, subject to final Novartis Board of Directors and shareholder approvals.
(Reporting by John Revill; Editing by Paul Carrel)
A chairman is the head of a board of directors in a company, responsible for overseeing meetings and ensuring that the board functions effectively.
A spin-off is a corporate action where a company creates a new independent company by selling or distributing new shares, allowing it to focus on its core business.
Generics are medications that are equivalent to brand-name drugs in dosage, strength, and administration but are sold under their chemical names without branding.
A board of directors is a group of individuals elected to represent shareholders and oversee the activities and governance of a corporation.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency.
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