Sanofi: Coup d´etat...board votes to remove Christopher Viehbacher as CEO

Sanofi announced Wednesday that the board of directors decided unanimously to "remove" Christopher Viehbacher as CEO, with chairman Serge Weinberg replacing him on an interim basis. The company noted that "as a consequence...Viehbacher resigned as a director." Shares in Sanofi fell as much as 6 percent on the news. 

"Going forward, the group needs to pursue its development with a management aligning the teams, harnessing talents and focusing on execution with a close and confident cooperation with the board," Sanofi said. The drugmaker added "the board confirms its commitment to continuing the strategy and the international expansion of the group based on research and innovation and its growth platforms." 

According to Weinberg, relations between the CEO and the board weren't close enough and Viehbacher failed to sufficiently execute the company's strategy. "There were numerous issues," Weinberg noted, citing "management problems, problems of cooperation with the board and execution problems." Weinberg also highlighted inventory mismanagement in Brazil last year, which led the company to cut its profit forecast, as well as the fact that Viehbacher hadn't briefed the board in advance of efforts to divest a portfolio of mature products in Europe. 

 The announcement follows recent speculation surrounding Viehbacher's position, with the company on Monday saying that replacing the CEO was not on the agenda of a meeting to review quarterly results. On Tuesday, Sanofi's shares dropped as much as 9.5 percent after the drugmaker indicated alongside its third-quarter financial results that pricing pressure on its diabetes portfolio is likely to increase into next year in the US, with sales "broadly stable" versus 2014.(Ver)

Crónica de una destitución anunciada...
El pasado 4 de septiembre Chris se dirigió al Board de Sanofi en estos términos:

Sanofi lettre confidentielle de Chris Viehbacher au Board from Jean-Michel Cedro