July 27, 2016
By Alex Keown, BioSpace.com Breaking News Staff
INDIANAPOLIS – John Lechleiter, the longtime chief executive officer at Eli Lilly will retire at the end of the year, the company announced this morning. David Ricks, currently senior vice president and president, Lilly Bio-Medicines, has been tapped to succeed Lechleiter as CEO.
Lechleiter, who has worked at the company since 1979, said the timing was right for him to step aside as the company transitions from “our recent challenging period of patent expirations to a new era of growth.” He touted the expertise and experience of Ricks, calling him “well suited to help Lilly capitalize on the opportunities before it, as well as to confront the inevitable challenges that lie ahead.”
“He will provide outstanding leadership for our company in the coming years,” Lechleiter said in a statement this morning. “Since 2012, he has successfully guided Lilly’s largest business area, Lilly Bio-Medicines, through a period of profound change. He is well respected inside and outside the company, consistently builds exceptional teams, and sets high standards of performance.”
Lechleiter has served as CEO since 2008. He got his start at the company in 1979 working as an organic chemist and later served as director of pharmaceutical product development for the Lilly Research Centre Limited in England. During his tenure at the helm, he led the company through the loss of patents for the anxiety and pain medication Cymbalta and the osteoporosis drug Evista. Lechleiter also oversaw the trimming of company workforce, increased investment in research and development and oversaw a new focus on high-risk experimental “moon shot drugs” with a focus on treating Alzheimer’s disease and cardiovascular disease. One of those drugs is Solanezumab, a medication that aims to prevent the build-up of brain plaque, which some believe may be a cause of Alzheimer’s.
Since January 2012, Ricks has served as president of Lilly Bio-Medicines, which encompasses the therapeutic areas of Alzheimer’s disease, urology, immunology, musculoskeletal disease, and pain, as well as the company’s global marketing function. Ricks said the company has the right strategy as it surges forward in a new era.
Part of that strategy includes the planned launch of 20 new products, spread across five therapeutic areas, diabetes, oncology, immunology, neurodegeneration and pain, between now and 2023. Eli Lilly also indicated it could launch up to two new indications or line extensions for already-approved products each year during the same period.
We’ve built a strong pipeline and have a promising portfolio of recently approved new medicines. Navigating major patent expirations in recent years, we’ve sharpened our focus and improved our vigilance and agility,” Ricks said in a statement. “Now, we must realize our growth potential in an increasingly challenging global marketplace. We must focus on delivering better and better medicines to the patients who need them, and in so doing, benefit our employees, communities, and shareholders alike.”
Lechleiter will remain on the company’s board of directors, a position he’s held since 2005, until May 31, 2017. Ricks will join the board on Jan. 1 and become chairman on June 1, 2017, following his predecessor’s departure, according to a statement released by the company.
Ricks’ successor as president of Lilly Bio-Medicines will be announced at a later date, the company said.
