SOME OF the biggest investors in AstraZeneca are calling for a radical shake-up of the board and executive team, as the new chairman prepares to join the underperforming Anglo-Swedish pharmaceutical group.
With the company trading on the lowest price/earnings multiple in the sector, some large shareholders have been lobbying to replace David Brennan as chief executive and push for a fresh business strategy.
Their action comes as Leif Johansson seeks formal election as chairman at the annual general meeting later this month.
AstraZeneca’s top 20 investors have become unusually and increasingly vocal in recent weeks, with one telling the Financial Times: “The chief executive is under intense pressure.” He suggested that there was some lobbying to replace him with Simon Lowth, finance director.
Another said that Mr Lowth lacked the breadth to take over, but Mr Brennan was likely to step down by the time of his 60th birthday next year. – (Copyright The Financial Times Limited 2012)
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