Summary
Eli Lilly & Co. (LLY) announced a significant leadership transition in an 8-K filing on December 19, 2007. Sidney Taurel, the long-serving Chairman and CEO, will retire as CEO on March 31, 2008, and step down as Chairman and board member on December 31, 2008. This marks the end of Mr. Taurel's 36-year tenure with the company, during which he held key leadership roles since 1998. Taking over as President and CEO, effective April 1, 2008, will be John C. Lechleiter, Ph.D., who currently serves as President and Chief Operating Officer and is a member of the board. Dr. Lechleiter has a long history with Lilly, dating back to 1979, and has held various significant operational and strategic positions. The filing also details Mr. Taurel's compensation arrangement post-CEO retirement, where he will remain as Chairman with a reduced salary and bonus opportunity until his full retirement.
Key Highlights
- 1Sidney Taurel, current Chairman and CEO, announced his retirement as CEO effective March 31, 2008.
- 2Sidney Taurel will also retire as Chairman and a member of the Board of Directors effective December 31, 2008.
- 3John C. Lechleiter, Ph.D., currently President and COO, has been elected President and CEO, effective April 1, 2008.
- 4Dr. Lechleiter has a long tenure at Lilly, joining in 1979 and holding numerous leadership roles.
- 5Mr. Taurel will remain Chairman until December 31, 2008, with a reduced base salary and bonus target starting April 1, 2008.
- 6The compensation for Dr. Lechleiter in his new role will be set by the compensation committee prior to April 1, 2008.