Vectura Group PLC (LON:VEC) is looking for a new chief executive officer (CEO) after the drugs firm revealed current incumbent, James Ward-Lilley will be stepping down from the position on 30 June 2019.
The FTSE All-Share-listed firm said Paul Fry, its chief financial officer, will assume the role of CEO in an interim capacity, in addition to his current responsibilities.
It added that the search for a CEO successor will begin immediately.
Bruno Angelici, Vectura’s chairman commented: “Following the successful merger with Skyepharma in 2016, James has demonstrated great resilience building an effective and robust business.
“This has been reflected in strong 2018 financial and operational performance, followed by positive news flow this year. During his time he has also built a culture of effective employee engagement and a significantly strengthened and talented team.”
The chairman added: “The Board and James have agreed that after four years as CEO it is now time for a new leader to take Vectura through its next phase of development. We look forward, in due course, to announcing the appointment of a new CEO."
In a note to clients, analysts at Peel Hunt commented: “The growth outlook and long-term strategy, which has pivoted several times since James Ward-Lilley’s appointment in 2015, have been a focus and source of concern for some investors for some time. Today’s announcement is thus not entirely surprising.”
They added: “We remain Hold and retain our 119p target price pending further clarity on the medium to long-term strategy.”
In morning trading, shares in Vectura were 1.5% higher at 80.20p.
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