Drugs maker AstraZeneca has said that its chief executive David Brennan is to retire on 1 June, as first-quarter profits dropped 38% at the firm.
Shareholders, concerned about the company's performance, have been pressing for change at the top.
Pre-tax profit for the January to March period fell to $2.05bn (£1.27bn), with the firm citing "loss of exclusivity" on patents for several key drugs.
Mr Brennan has come under fire for not acting sooner to address this issue.
Chief financial officer Simon Lowth will take over on an interim basis.
Chairman Louis Schweitzer will also leave the company at the beginning of June, retiring three months earlier than planned.
Mr Schweitzer's early departure is so that new chairman Leif Johansson, who had already been named as his replacement, can begin the search for a permanent chief executive.
Source & Image : BBC
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