Novartis names Indian-origin Vasant Narasimhan as the new Global CEO

Narasimhan succeeds Joseph Jimenez who will step down in 2018 after eight years in the position

Global pharma major Novartis on Monday named Vasant Narasimhan as its new Chief Executive Officer from February 1, 2018.

He succeeds Joseph Jimenez who will step down in 2018 after eight years in the position, Novartis said in a statement.

Narasimhan is currently Global Head of Drug Development and Chief Medical Officer of the company and is also member of the Executive Committee of the company, it added.

Commenting on the development, Novartis Board of Directors Chairman Joerg Reinhardt said: "We anticipate a smooth transition as Joe built a strong leadership team and mentored his successor. Novartis will be well positioned to continue its momentum."

Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas, Jimenez said.

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, the company said.

"We will continue our legacy of bringing leading innovation to patients around the world. With our recent launches, our strong pipeline, broad capabilities, world-class leadership team, and committed people, I am very confident about our future", Narasimhan said.