Sanofi shares slide after boss sacked

GMT 09:37 2014 Wednesday ,29 October

Arab Today, arab today Sanofi shares slide after boss sacked

Outgoing Sanofi CEO Christopher Viehbacher
Paris - AFP

 Shares in drugmaker Sanofi, France's largest company by market capitalisation, fell sharply on Wednesday after it announced the departure of chief executive Christopher Viehbacher.
Sanofi stock dropped more than five percent on the opening bell of the Paris stock market after losing more than 10 percent the day before over disappointing earnings.
The company said it needed a manager who could "focus more broadly on execution" with a "close and confident cooperation" with the board.
Viehbacher has been the target of criticism because he based himself in Boston in the United States to run the group.
The 54-year-old, who holds dual Canadian and German nationality, has been boss since December 2008.
On Tuesday, the group said that net profits had slipped in the third quarter but that its main treatments were doing well and research for new drugs including a dengue fever vaccine looked promising.
Net profit fell by 2.4 percent from the equivalent figure last year to 1.19 billion euros ($1.51 billion).
The company blamed this on the costs of restructuring and on tax charges, but held to its forecasts for the year, and nine-month figures showed a sharp profit rise.

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