Eli Lilly and company. Lia has appointed Lucas Montarce as Executive Vice President and Chief Financial Officer, effective immediately.
What happened:Montarce, who joined Lilly in 2001, has held numerous financial leadership positions. His roles include group vice president, corporate controller and chief financial officer of Lilly Research Laboratories; vice president of finance and chief financial officer of Lilly International; and vice president of finance and global chief financial officer of Elanco Health.
Most recently, Montarce served as Lilly's President and General Manager for the operations center in Spain, Portugal and Greece. He holds a Bachelor's degree in Business Accounting from the Catholic University (Argentina) and a Master's degree in Business Administration from the Center for Macroeconomic Studies in Argentina.
David RicksThe Chairman and CEO said: “We are pleased to announce Lucas as Lilly’s next Chief Financial Officer, following a competitive search across the healthcare, technology and general industries.”
Montarce expressed his commitment to continue building on Lilly’s strong financial foundation and to drive continued success. “I am honored to take on this role at such an important time in our company’s history,” he said.
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Why is it important?Montarce's appointment as CFO comes at a crucial time for Eli Lilly. The company has been in the spotlight for its advances in weight loss and GLP-1. Roundhill Investments Executive Director Dave Mazza He recently compared Eli Lilly to NVIDIA Corporation NVDA in terms of market leadership and growth potential.
In addition, Eli Lilly's Alzheimer's drug donanemab faces possible rejection by the UK's National Health Service (NHS) due to cost and safety concerns, following a similar decision Biogen Inc's BIIB Leqembi. This has increased pressure on the company to effectively address regulatory challenges.
Montarce's appointment also follows the resignation of former CFO Anat Ashkenaziwho left to pursue a new career. Gordon Brooks has served as interim CFO since July 15.
In addition, Eli Lilly is stepping up efforts to combat knockoff versions of its popular appetite-suppressing drugs. Monjaro and Heading towards the zepThe move is part of a broader strategy to maintain its market position amid ongoing FDA debates over drug shortages.
Price action:Eli Lilly and Co closed at $908.27 on Monday, up 0.62% on the day. In after-hours trading, the stock fell 0.027%. Year-to-date, Eli Lilly shares are up 53.37%, according to the report. Data from Benzing Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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