AstraZeneca announces chief executive’s retirement

AstraZeneca has announced that its chief executive officer (CEO) David Brennan will retire from the company this summer.

Mr Brennan – who has occupied this role since January 2006 – will leave the business and relinquish his board duties on June 1st 2012, with executive director and chief financial officer Simon Lowth to become interim CEO on this date.

The outgoing business leader is one of the longest-serving chief executives in the pharmaceutical industry and is credited with guiding the company through a challenging period.

Louis Schweitzer, chairman of AstraZeneca, said: "David has led AstraZeneca's business with skill, integrity and courage during a period of enormous change for the pharmaceutical industry and for the company."

Leif Johansson will also succeed Mr Schweitzer as non-executive chairman on June 1st and take up the post of chairman of the nomination and governance committee, allowing him to lead the search for Mr Brennan's successor.

This comes after the firm announced a $1.26 billion (774.18 million pounds) takeover of small molecule therapeutics specialist Ardea last week.