UPDATED: Novartis CEO Vas Narasimhan restructures the pharma giant, cutting costs $1B+, ousting top execs and signaling layoffs ahead
Novartis CEO Vas Narasimhan has a plan to make the global pharma giant more profitable. And he’s starting by carving out a billion dollars-plus in costs in a move that signals job cuts from the top team on down.
The centerpiece in this restructuring involves the combination of the pharmaceuticals and oncology business into one unit, dubbed the Innovative Medicines group. The IM group will be divided into two divisions centered on the critical US market and international ops. Marie-France Tschudin is trading in her old title as head of Novartis Pharmaceuticals to become president, Innovative Medicines International and chief commercial officer.
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