Novartis’ CEO Jimenez to retire in January

Novartis announced that its Chief Executive Officer Joseph Jimenez has informed the board of directors of his desire to step down in 2018. The company's board has appointed Vasant Narasimhan, its Global Head of Drug Development and Chief Medical Officer, to the position of CEO, effective February 1, 2018. Narasimhan is a member of the Executive Committee.

Jimenez will step down as CEO, effective January 31, 2018, and will be available for advice and support at the request of the Chairman of the board of directors or the CEO until he retires from Novartis on August 31, 2018.

"After 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the United States," said Jimenez, a Stanford University graduate.

Jimenez arrived in 2007 to lead Novartis's consumer health division and rose to CEO in 2010.

Narasimhan has held numerous leadership positions across Novartis in commercial, drug development and strategy roles. Prior to his current role he served as Head of Development for Novartis Pharmaceuticals. Before joining Novartis in 2005, he worked at McKinsey & Company.