Novartis boss to step down

City A.M. Reporter
SWISS pharmaceuticals group Novartis said its long-standing chairman and former chief executive would step down next month.

Daniel Vasella, who has served as Novartis chief executive and chairman for 17 years, said he would not stand for re-election to the board of directors.

Novartis, which said results will be hit this year by the loss of a crucial patent, expects sales to grow in the mid-single digits from 2014 once it has absorbed the full impact of competition from cheaper drugs.