AstaZeneca proposes boardroom shake-up as Chairman retires

Biopharmaceuticals giant AstraZeneca has announced that its Chairman of eight years, Louis Schweitzer, intends to retire at the start of September.

The firm said that Lief Johansson, currently Chairman of telecoms group LM Ericsson and former Chief Executive Officer (CEO) of AB Volvo, will be proposed to shareholders for election as a non-executive director, and is thought to takeover from Schweitzer as Chairman when he leaves.

"I am delighted that we are able to announce the board's decision to propose Leif Johansson to shareholders for election to the board at the AGM in April and to appoint him to succeed me as Chairman on 1 September.Leif is an outstanding businessman with a first-class track record leading multinational companies, as well as previous experience of the pharmaceutical industry," Schweitzer said.

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Meanwhile, Michele Hooper, the nine-year serving non-executive director and Chairman of the audit committee, is to retire from the board after the annual general meeting (AGM) in April and John Varley - currently Chairman of the remuneration committee - will succeed her.

Astra is also proposing to elect the Graham Chipchase (CEO of packaging group Rexam) and Genevive Berger (Chief Research and Development Officer at consumer products firm Unilever) as non-executive directors of the board.

They are thought to bring in-depth financial and scientific expertise in addition to significant international business experience.

All other directors, excluding Hooper, will be presenting themselves for re-election at the AGM.

BC