Stada tabs Novartis executive to replace Claudio Albrecht as CEO

Stada Arzneimittel said Thursday that Peter Goldschmidt, the current head of Novartis' Sandoz unit in North America, will succeed Claudio Albrecht as CEO effective September 1. Stada noted that Albrecht, who was appointed as chief executive in September last year, will move on to a non-executive position within the group of companies.

Albrecht was appointed CEO shortly after Stada was acquired by hedge funds Bain Capital and Cinven. Previous chief executive Matthias Wiedenfels resigned in January last year for "personal reasons," being replaced on an interim basis by Engelbert Coster Tjeenk Willink.

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Stada noted that Goldschmidt has served in various capacities at Novartis over the last 28 years, including leadership positions in the drugmaker's European and Asian operations. Albrecht, who described Goldschmidt as "an excellent choice," commented "I'm pleased especially for our…employees who now have a clear, long-term perspective for the leadership of the company."  

Günter von Au, chairman of Stada's supervisory board, remarked "Albrecht is making tremendous progress at Stada and will continue implementing the necessary reforms as CEO until later in the year." Von Au added "it has always been clear that he will then stay with Stada in a non-executive role."

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