Novartis Announces New Sandoz Board Ahead of Planned Spin-off

Intelligent Finance APP learned that Novartis (NVS.US) appointed new board members for its generic drug subsidiary, Sandoz, on Monday. Novartis plans to spin off and list Sandoz later this year. Sandoz's board will consist of 10 members, and the committee will begin preparations in June.

It is reported that Gilbert Ghostine is the incoming chairman of the new Sandoz board of directors. Other board members include François-Xavier Roger, the current Chief Financial Officer of Nestlé, Urs Riedener, the former Chief Executive Officer of dairy producer Emmi, and Shamiram Feinglass, who previously served as the Chief Medical Officer for Life Sciences at medical technology company Danaher.

Novartis announced on Monday: "The Sandoz board will commence preparatory work from June and will take effect after the spin-off of Sandoz in the second half of 2023, subject to the approval of the Novartis board and shareholders."