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AstraZeneca names new China boss after executive arrested
AstraZeneca names Iskra Reic as new chief in China while former executive Leon Wang is detained pending an investigation. The impact on the pharmaceutical sector remains to be seen.
AstraZeneca names new China boss after executive arrested
British drugmaker AstraZeneca has named a new chief executive for China, taking over from a former senior executive held by authorities in the country.
New head in China
Iskra Reic, who previously oversaw the development of the company's Covid-19 vaccine, will succeed Leon Wang. Wang is currently on extended leave while in China under investigation into the company's involvement in a Disclosure announced on Wednesday.
Investors are worried
Investors have been concerned about AstraZeneca since Wang's status was announced in October. For many, this incident brings back memories of a wide-ranging bribery scandal that affected British competitor GlaxoSmithKline. The company was fined a record $489 million in China ten years ago.
Experience in the industry
Reic, a veteran AstraZeneca employee, will move to Shanghai to take on her new, expanded role, according to Reuters. Before that, she will continue to lead the Vaccines and Immunotherapies Unit.
AstraZeneca on the trading floor
The pharmaceutical giant is the most valuable company in the FTSE 100, the index of the 100 largest companies listed on the London Stock Exchange.
Details of the ongoing investigation
AstraZeneca said in October that Wang was "cooperating with an ongoing investigation" and later confirmed he was being held. The company said it had no further information on the case.
More cases of missing managers
AstraZeneca is not the only company whose executives have disappeared into the Chinese justice system. Bao Fan, a renowned investment banker, was reported missing in February 2023 amid a sweeping anti-corruption campaign. To date, there have been no official charges or accusations against him.
Insurance fraud investigation
Loud Yicai According to a Chinese state media outlet, Wang and other employees of AstraZeneca, known for its widely used cancer drugs, are being investigated by Chinese authorities for alleged violations of insurance fraud laws.
Company reactions
Last month, AstraZeneca CFO Aradhana Sarin said in a Conversation with investors that the company was aware of ongoing investigations into medical insurance fraud. That investigation has already led to the convictions of about 100 former employees, and there is also another investigation into the illegal importation of cancer drugs into mainland China.
— Reported by Anna Cooban, CNN