Sector News

Lonza CEO to leave chemicals maker after less than a year

November 12, 2019
Chemical Value Chain

Lonza Chief Executive Marc Funk is leaving the Swiss chemicals company after less a year in the job, it said on Tuesday, citing personal reasons.

Funk, who has held his post since March, will be replaced by Chairman Albert Baehny on an interim basis until a permanent replacement is found. Funk will stay with the company until January 2020, Lonza said.

Before becoming CEO, Funk was head of Lonza’s Pharma & Biotech segment where he expanded capacity and was responsible for innovation in biopharma manufacturing.

Lonza reported a steep fall in first-half profit as it took losses linked to the sale of its water business and as difficulties at its speciality ingredients business continued.

The Basel-based company, whose products include viruses for gene therapies, on Tuesday said board member Christoph Maeder has been appointed lead independent director by the board.

“The board respects Marc’s decision and would like to thank him for his service to Lonza and wish him well for his future endeavours,” said Maeder, adding a search for a new CEO was under way.

By John Revill

Source: Reuters

Related News

April 9, 2020

Global chem trade flows shift to Asia as pandemic causes demand collapse in the West

Chemical Value Chain

Asia may end up as a dumping ground for many chemicals from the world over, as US and European markets slump and economies slide into recession. With demand drying up […]

April 7, 2020

ExxonMobil reduces 2020 capex by $10 billion

Chemical Value Chain

ExxonMobil will reduce 2020 capital spending by 30% and lower cash operating expenses by 15% in response to low commodity prices resulting from oversupply and demand weakness from the coronavirus […]

April 7, 2020

Air Liquide enters exclusive talks with EQT for Schülke sale

Chemical Value Chain

Air Liquide says it has entered into exclusive negotiations with private equity firm EQT (Stockholm, Sweden) for the potential sale to EQT of its wholly owned subsidiary Schülke & Mayr […]