Healthcare Industry News: Eli Lilly
News Release - September 18, 2008
John Lechleiter Named Chairman of Lilly's Board of DirectorsWill Succeed Sidney Taurel effective January 1, 2009
INDIANAPOLIS, Sept. 18 (HSMN NewsFeed) -- Eli Lilly and Company (NYSE: LLY ) today announced that the company's board of directors has appointed John C. Lechleiter, Ph.D., chairman of the board effective January 1, 2009. Lechleiter, president and chief executive officer of Lilly, will succeed outgoing chairman Sidney Taurel, who had previously announced his retirement from the company and the board effective December 31, 2008.
The board also announced that, at the time of his retirement at the end of 2008, Mr. Taurel will be designated chairman emeritus in recognition of his many significant contributions to the company during his tenure as chairman and chief executive officer.
"I am honored to be chosen to serve as chairman of Eli Lilly and Company and build upon the strong foundation established by Sidney Taurel," said Lechleiter. "The company and our industry face unprecedented change in the coming years, and we must transform our business to succeed in this challenging healthcare environment. At Lilly, we recognize these challenges and have developed a strategy that places improved outcomes for patients at the core of our efforts. We believe that this strategy will allow us to not only remain competitive, but to thrive. Our shareholders, our employees, and most importantly the patients who depend upon our medicines, will accept nothing less."
"I am confident that John is the right choice to lead the company as chairman," commented Taurel. "He is well-respected across the industry and has the depth of experience, wisdom and vision to lead Lilly to great success both today and in the future. As chairman, John will continue to do what is necessary to deliver on our strategy and increase the company's value for our shareholders."
Karen N. Horn, Ph.D., the board's presiding independent director, said, "Since becoming CEO in April, John has shown himself to be a dynamic and highly capable leader, passionate about the company's mission and equally passionate about preserving and enhancing the Lilly culture of integrity, transparency and strong governance. Our shareholders will be well served by John's leadership in the years ahead."
Taurel served as Lilly's chief executive officer from July, 1998 through April, 2008 and has served as Lilly's chairman since January 1, 1999. He is past chairman of the board of directors of Pharmaceutical Research and Manufacturers of America (PhRMA) and serves as a member of the executive committee of The Business Council. He is also a member of the boards of both IBM Corporation and McGraw-Hill Companies, Inc. He serves on the board of overseers of the Columbia Business School, is a trustee at the Indianapolis Museum of Art, and is on the board of the Indianapolis Tennis Championships. Taurel served on the President's Homeland Security Advisory Council (2002- 2004), the President's Export Council (2005-2006), and has since April 2007 served on the Advisory Committee for Trade Policy and Negotiations. He is also an officer in the French Legion of Honor.
Lechleiter joined Lilly in 1979 as a senior organic chemist in process research and development, and he became a head in that department in 1982. In 1984 he began serving as director of pharmaceutical product development for the Lilly Research Center (Erl Wood) in Windlesham, England, and he subsequently returned to the U.S. in 1986 as manager of research and development projects for Europe. In 1988, he became director of development projects management, and in 1989 assumed additional responsibility for pharmaceutical regulatory affairs, chemistry, manufacturing and control. In 1991 he was named executive director of pharmaceutical product development and became vice president in 1993. Lechleiter was appointed vice president of regulatory affairs in 1994, vice president of Lilly Research Laboratories in 1996, and senior vice president of pharmaceutical products in 1998. In 2001 he became executive vice president for pharmaceutical products and corporate development, and then became executive vice president of pharmaceutical operations in early 2004. He was named president and chief operating officer in 2005, when he also joined the company's board of directors. On April 1, 2008, Lechleiter assumed the role of chief executive officer.
Lechleiter received a Bachelor of Science degree summa cum laude in chemistry from Xavier University in 1975. He then studied organic chemistry as a National Science Foundation Fellow at Harvard University, where he was granted his master's and doctorate degrees in 1980.
Lechleiter is a member of the American Chemical Society. He serves as a member of the executive committee of the board of directors of Pharmaceutical Research and Manufacturers of America (PhRMA) and as a member of the Business Roundtable and the Business Council. In 2004, he was appointed to the Visiting Committee of Harvard Business School and to the Health Policy and Management Executive Council of the Harvard School of Public Health. He also serves as a member of the board of trustees of Xavier University. In addition, he is a distinguished advisor of The Children's Museum of Indianapolis, a member of the board of directors and executive committee of Fairbanks Institute, and a member of the United Way of Central Indiana board of directors. He also serves on the board of Indianapolis Downtown, Inc.
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers -- through medicines and information -- for some of the world's most urgent medical needs. Additional information about Lilly is available at www.lilly.com.
Source: Eli Lilly
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