Sandoz Group CFO Colin Bond Retires


Shares Decline Amid CFO Transition

Shares of Sandoz Group dropped on Tuesday following the announcement of Chief Financial Officer Colin Bond’s retirement at the end of June. Bond, who has been in the CFO role since May 2022, will be succeeded by Remco Steenbergen, previously from Deutsche Lufthansa.

Market Reaction and Transition Plan

As of 0859 GMT, Sandoz shares were trading 3.4% lower at CHF27.44, after an initial decline of 5.1%. However, the stock has still seen a 1.4% increase since the start of the year. The pharmaceutical company stated that Bond will continue in his position until Steenbergen assumes office, after which he will serve as a senior advisor until his retirement.

Analyst’s View and Executive Changes

The news of the CFO switch came as a surprise to many, especially considering Sandoz’s recent spinoff from Novartis. With the upcoming full-year results report scheduled for March 13, concerns might arise among investors, according to RBC Capital Markets analyst Alistair Campbell. Despite this, the company assured a smooth transition plan for the change.

Steenbergen, who is currently on Sandoz’s board, will join the executive committee upon commencing his new role in early July. Additionally, he will not seek re-election as a director at the next annual general meeting.

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