NSRGY - Novartis appoints 10-member board for Sandoz unit ahead of spinoff

2023-05-15 08:57:02 ET

Swiss drugmaker Novartis ( NYSE: NVS ) named a 10-member board on Monday for its Sandoz generics drug business ahead of its planned spinoff in H2 2023.

The team led by Sandoz Chairman-designate Gilbert Ghostine is expected to begin preparatory work in June and will be effective following the spinoff subject to approval from the Board of Directors and shareholder approval, the Basel-based company said.

Notable board members include Francois-Xavier Roger, CFO of Nestle ( OTCPK:NSRGF ) ( OTCPK:NSRGY ), Maria Varsellona, Chief Legal Officer of Unilever ( UL ) ( OTCPK:UNLYF ), and Remco Steenburgen, CFO of Deutsche Lufthansa ( OTCQX:DLAKF ) ( OTCQX:DLAKY ).

“The composition of this new world class board and the capabilities of its leaders is in line with the Sandoz aspiration as a market leader in its industry,” Chairman-designate, Ghostine said.

The board represents a 40% female-to-male ratio and comprises three sub-committees, namely, a Science, Innovation & Development Committee, a Human Capital & ESG Committee, and an Audit, Risk & Compliance Committee.

More on Novartis

• Novartis to close Sandoz plant; says not related to spinoff
• Why I Would Not Buy Novartis Before The Sandoz Decision

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