Roche’s Franz Humer has decided not to stand for re-election as chairman of the group’s board of directors when his current term ends.
The Swiss pharma company said it would nominate a successor for the 67-year-old Humer in the autumn.
Addressing Roche’s annual general meeting yesterday Humer said: “Once an executive turns 65, some law of journalism seems to demand that reporters continually ask when you’re going to retire.
“I’ve always been deliberately noncommittal about that. First, because I enjoy my work immensely. And second, because I’ve always thought that I should inform you personally of any such decision, and at a time of my choosing.
Having worked in the pharmaceutical industry for 40 years, spending half of that time at Roche, Humer said now was the right time from the point of view of the company for him to plan to step down.
He added: “I’m not in favour of fixed terms of office – indeed, Roche’s long tradition of maintaining continuity in its leadership has significant advantages in our short-term world – but new blood also brings fresh ideas.”
Meanwhile, Roche has decided that whoever is elected to replace Humer will also serve as non-executive chairman, continuing the established separation of the offices of chairman and CEO.