(Reuters) – Germany’s No. 2 drugmaker, Boehringer Ingelheim, on Friday appointed as chief executive Hubertus von Baumbach, a great-grandson of founder Albert Boehringer, putting a member of the family at the helm for the first time in 25 years.
Von Baumbach, 48, is currently Boehringer’s finance chief and will replace CEO Andreas Barner, 62, when he retires on June 30, 2016, the unlisted family-owned group said in a statement.
“Hubertus von Baumbach knows the corporation and its various divisions and his time on the Board of Managing Directors has prepared him well for the company’s future challenges,” shareholders’ committee chairman Christian Boehringer said.
“Along with colleagues on the Board of Managing Directors, he will continue the drive for change at Boehringer Ingelheim in order to secure the company’s independence in the long term,” he added.
After his retirement, Barner will join the shareholders’ committee, which is comparable to a corporate supervisory board. (Reporting by Patricia Weiss and Maria Sheahan; editing by Jason Neely)
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