Sector News

Sanofi chairman laments deterrence effect of French tax amid CEO search

December 8, 2014
Life sciences
(Reuters) – France’s high tax burden makes it hard to recruit top executives, Sanofi Chairman Serge Weinberg said on Thursday, as the drugmaker continues to hunt for a new boss.
 
Weinberg was instrumental in the October ousting of Chris Viehbacher as CEO and has since been filling the role himself on a temporary basis.
 
“The deterioration of French tax-competitiveness and the burden on companies and individuals pose a problem,” Weinberg told reporters in Paris.
 
“It’s extremely difficult to attract international executives or even bring back French ones who have left. There will be consequences if this continues, because we can’t rely on patriotic sentiment or goodwill alone.”
 
Weinberg would not respond to rumours that the job had been turned down by Smith & Nephew’s French boss Olivier Bohuon, seen as a favourite to replace Viehbacher.
 
“We have no comment on the subject,” Weinberg said, adding that he had merely been speaking “in general” about recruitment challenges. By Noelle Mennella (Writing by Laurence Frost; Editing by David Goodman)

comments closed

Related News

July 14, 2024

Flagship raises $3.6B for biotech investing

Life sciences

Flagship Pioneering said Wednesday that it’s added another $3.6 billion to its capital base, bringing the total raised since 2021 to $6.4 billion. Meanwhile, Flagship announced more than a dozen promotions and new hires in its leadership ranks. The changes include the promotions of Lovisa Afzelius and Paul Biondi to general partner and the addition of Dina Ciarimboli as general counsel and executive partner.

July 14, 2024

Mikael Dolsten set to leave Pfizer, sparking search for CSO successor

Life sciences

After 15 years at Pfizer, including a career-defining pandemic period, the chief scientific officer will leave the Big Pharma once the drugmaker finds his successor. Dolsten joined Pfizer when the company closed a megamerger with Wyeth in 2009. Pfizer made Dolsten president of worldwide R&D the following year. The executive has stayed at the top of Pfizer’s R&D tree ever since.

July 14, 2024

CDMO Lotte breaks ground on $3.3B production plant in Korea, touts growth goals

Life sciences

Late last week, Lotte Biologics broke ground on its flagship facility at the Songdo Bio Campus in Incheon International City, South Korea. The company is pitching the production effort as a key part of its quest to become one of the top 10 contract development and manufacturing organizations (CDMOs) in the world, Lotte said in a press release.

How can we help you?

We're easy to reach