Private equity firms Bain and Cinven, the buyout firms that have taken control of Stada, picked generic drug industry veteran Claudio Albrecht as the German group’s fourth chief executive in 15 months.
However, Albrecht, an Austrian, is only expected to serve as an interim boss until a long-term candidate is found.
Albrecht, who advised Bain and Cinven as they were bidding for Stada against a rival consortium of Permira and Advent, would now “lead the process of transition to a privately held company”, they said on Friday. “In due course, we expect him to join the Stada group in a non-executive role as originally envisaged once a CEO has been recruited who will lead Stada in the long run.”
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