Roche's CFO dismissed

- Last updated on GMT

Related tags: Financial times

The crisis at Roche, the Swiss pharmaceutical giant, deepened on
Tuesday when the group unexpectedly dismissed its chief financial
officer, reports...

The crisis at Roche, the Swiss pharmaceutical giant, deepened on Tuesday when the group unexpectedly dismissed its chief financial officer, reports the Financial Times. The day after rival Novartis acquired 20 per cent of Roche's voting shares, the company said Anton Affentranger would leave the company at the end of May. Mr Affentranger's sudden removal, less than six months after he took over from Henri B. Meier, Roche's finance chief, came as a shock to investors. The move is likely to increase speculation of boardroom discord at a time when Roche's management needs to be resolute. Novartis has made clear that its purchase of the 20 per cent stake could lead to a full-scale merger. Mr Humer, Roche's chairman and chief executive, said there was no connection between Mr Affentranger's departure and the announcement of Novartis's 20 per cent stake. Roche's profits are under pressure because of lacklustre growth and lack of new blockbuster drugs. Last year Roche generated SFr2.3bn of income and SFr7.1bn of operating profits. Analysts expect Roche to generate around SFr1.6bn of income in the current year. Source: Financial Times

Related topics: Market Trends

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