Drugs chief appointed new head of Zeneca
Saturday 23 May 1998
Sir David is to become non-executive chairman of Zeneca from next May, replacing Sir Sydney Lipsmith who is stepping down.
The move ends months of speculation that Zeneca could appoint an outsider to replace Sir David. The decision to seek an internal appointment was interpreted in the City as meaning that Zeneca would remain determined to hang on to its independence despite the trend towards consolidation in the drugs sector.
Sir David, 62, has lead Zeneca with distinction ever since it was hived off from ICI in 1993, presiding over a four-old increase in its share price.
A Zeneca spokesman said: "He has a reputation as a gentleman and successfully demerged Zeneca which was no easy task and then grew the company rapidly ... which is the mark of the man."
One leading analyst said: "He was a nice old chap who took the group forward strongly."
However the appointment of Dr McKillop, who has headed Zeneca's pharmaceuticals division since 1994, was treated with a mixed reaction by the City. One analyst said: "This is an uninspiring move and means nothing has changed at Zeneca. Sooner or later it needs to do a merger. [Dr] McKillop has been criticised for lacking vision and concentrating on growing existing products rather than looking for new ones."
Other analysts questioned whether Sir David could resist the temptation to interfere with Dr McKillop's new responsibilities after his long tenure at the head of Zeneca. But the group yesterday insisted the two executives would have clearly defined roles.
Meanwhile at its annual general meeting Zeneca warned that the strong pound would cost the group pounds 110m this year, pounds 20m more than it forecast in March at its annual results meeting. Zeneca also cautioned that poor spring weather in Europe has meant the group's agrochemical business had got off to a slow start. The statement caused Zeneca's shares to slip 10p to 2530p.
- 1 Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
- 5 Watch Richard Dawkins read his own hatemail: 'I hope you do get sodomised by satanic monkeys in hell'
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
30,000 reasons why the rhetoric on immigrants claiming benefits can stop now
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...