Top Eli Lilly financial officer to retire in December

Markets Associated Press

Drugmaker Eli Lilly will end 2017 like it did 2016, with the departure of a top executive.

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The diabetes drug maker said Thursday that Chief Financial Officer Derica Rice will retire in December, ending a career with the Indianapolis company that started in 1990. Rice, 52, has served as CFO for 11 years after being promoted from vice president and controller.

Rice helped Eli Lilly and Co. navigate the loss of patent protection from cheaper generic competition for several key drugs, including top sellers like the antipsychotic Zyprexa. The drugmaker's annual revenue slipped below $20 billion in 2014 before climbing above $21 billion last year.

Last December, former Chairman and CEO John Lechleiter retired. He was replaced by David Ricks, who was president of the drugmaker's bio-medicines business.