AstraZeneca names new CEO to confront pharma 'challenges'

AstraZeneca has named Pascal Soriot, Roche's chief operating officer of pharmaceuticals, as its new chief executive officer.

Soriot will join at the beginning of October and relieve interim CEO, Simon Lowth, who will return to his position of chief financial officer. Former CEO David Brennan retired on 1 June amid a more difficult time for the drug manufacturer. Slowing growth and an uncertain drug pipeline had led some investors to call for a shake-up of the pharma giant's business strategy earlier this year. Moody's Investors Service changed its outlook on AstraZeneca's A1 debt rating in July to negative from stable and said the company's share buybacks and acquisitions, which have totalled $4.6bn this ye...