With EuroAPI’s restructuring plan underway, the Sanofi spinoff has pulled a new CEO from within its ranks to guide the company’s next chapter.
Drug ingredients specialist EuroAPI on Monday said it had accepted the resignations of Ludwig de Mot as CEO and Viviane Monges as chair of the manufacturer’s board.
In turn, EuroAPI has appointed its chief operating officer, David Seignolle, to immediately take up the helm as CEO. At the same time, Emmanuel Blin, a former Bristol Myers Squibb executive who’s been part of EuroAPI’s board since 2022, will take over the board chair post, EuroAPI said in a release.
Amid its operational overhaul, EuroAPI has been engaged in a game of C-suite musical chairs for about a year
Last October, just weeks after launching a strategic review, the company’s board of directors determined that EuroAPI’s then-CEO Karl Rotthier—who’d spearheaded the drug ingredients company since 2021—would exit his post by the end of the month. At the time, board chair Monges was tapped to fill the CEO seat on an interim basis.
De Mot was ultimately signed on as EuroAPI’s new CEO in February after initially joining the month prior as the company’s chief transformation officer. Under de Mot, EuroAPI said it would focus on streamlining its active pharmaceutical ingredients portfolio, becoming a more “focused” contract development and manufacturing organization, developing a “rationalized” industrial footprint and transforming into a “leaner organization” overall.
As for de Mot’s replacement, EuroAPI enlisted Seignolle as its operations chief last October. In that role, he was tasked with overseeing the “industrial execution” of EuroAPI’s ongoing strategic review.
Seignolle joined EuroAPI from Teva Pharmaceuticals, where he previously served as head of operations for Teva API in Italy and Mexico as well as vice president of global supply chain for API and biologics.
Despite EuroAPI’s confidence that it’s now moving “into a new chapter” under Seignolle, the newly appointed CEO will certainly have his work cut out for him at the company.
Back in June, the manufacturer revealed that it aims to cut some 550 employees across all business functions by 2027. Additionally, the company plans to sell off manufacturing sites in Brindisi, Italy, and Haverhill in the U.K.
Meanwhile, EuroAPI in July reported a 9.6% decrease in quarterly sales to 448.7 million euros ($485 million), which the company largely attributed to a production slip-up at its Brindisi plant. At the time, EuroAPI laid out expectations for a revenue decrease between 8% and 11% in 2024. The company maintained that guidance in its CEO announcement Monday.
By Fraiser Kansteiner
Source: fiercepharma.com
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