VASANT NARASIMHAN Just 41, he is among a new generation of youthful leaders at Novartis  who have sought to improve the process in which drugs move from research to actually becoming a commercial product. Picture: BLOOMBERG/MICHELE LIMINA
VASANT NARASIMHAN Just 41, he is among a new generation of youthful leaders at Novartis who have sought to improve the process in which drugs move from research to actually becoming a commercial product. Picture: BLOOMBERG/MICHELE LIMINA

Novartis CEO Joseph Jimenez will retire in 2018, with chief drug developer Vasant Narasimhan taking over as CEO starting in February, the Swiss drugmaker said on Monday. Jimenez (58), is stepping down following a decade at Novartis after having successfully secured US approval for a new gene therapy for leukemia last week but before Novartis returned to sales growth, which the company has forecast will resume in 2018. Reuters

VW, China JVs to recall vehicles over fuel pump issue

Germany’s Volkswagen AG and China joint ventures FAW-Volkswagen and SAIC Volkswagen will recall 1,818,340 vehicles due to a fuel pump issue, China’s quality watchdog said on Monday.

The recall will be effective December 25, said the General Administration of Quality Supervision, Inspection & Quarantine in an online statement.

It was not immediately clear whether the recall was part of a previously announced global recall. Reuters

Please login or register to comment.