Eli Lilly Reshuffles Top Ranks -- WSJ

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (September 30, 2017).

Eli Lilly & Co. named a new finance chief and announced a number of other executive changes, as the drugmaker contends with layoffs and patent expirations.

The company said Friday that Joshua Smiley would be its next CFO, promoting an insider into the role. Mr. Smiley, who has been with the company for more than 20 years, was previously treasurer and senior vice president of finance. He will begin his new role Jan. 1. The Indianapolis drugmaker said in June that longtime CFO Derica Rice would retire at the end of the year after more than a decade in the position.

The company also appointed new senior leaders overseeing science and technology and manufacturing operations, who will report to Chief Executive David Ricks.

Dr. Dan Skovronsky has been promoted to senior vice president for science and technology and president of Lilly Research Labs. Myles O'Neill is becoming senior vice president and president of manufacturing operations. The appointments follow the retirements of Maria Crowe, president of manufacturing operations, and science and technology leader Dr. Jan Lundberg.

Earlier this month the company said it would cut roughly 8% of its global workforce, citing the need to lower costs and raise investment ahead of patent expirations.

Messrs. Smiley, Skovronsky and O'Neill and Aarti Shah, Eli Lilly's chief information officer, will join the company's executive committee.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

September 30, 2017 02:47 ET (06:47 GMT)