Sanofi is working to find a new CEO to succeed Olivier Brandicourt, who will reach the drugmaker's mandatory retirement age in less than two years, according to Reuters.
Sanofi has an age limit of 65 for its CEO. Mr. Brandicourt will turn 65 in February 2021.
The drugmaker has been working on a "succession plan for some time now, in agreement and consultation with our CEO," a company spokesperson told Reuters.
Mr. Brandicourt was hired in 2015 to help reshape Sanofi, which was facing intense pricing pressure from its diabetes unit and a thin pipeline of new drug candidates. Soon after taking the helm he unveiled a restructuring plan to cut costs and jobs.
Under his leadership, Sanofi sold its animal health unit to Boehringer Ingelheim and acquired the German firm's consumer healthcare operations in a $20 billion deal. It also sold off its European generics unit.
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