In a swift and significant personnel decision, EuroAPI’s board of directors has announced the departure of CEO Karl Rotthier, effective October 30, just weeks after initiating a strategic review. Rotthier, who has been at the helm of the drug ingredients company since 2021 when it was still under the wing of its former parent company, Sanofi, will make way for new leadership.
Viviane Monges, the current Chair of the Board at EuroAPI, will assume an interim leadership role until a permanent CEO replacement is identified, according to the company’s official statement. Additionally, the board has appointed Elizabeth Bastoni as the independent lead director, responsible for ensuring the efficient functioning of the company’s governance structure and engaging with shareholders on matters related to the board’s responsibilities.
Also Read: EuroAPI Lowers Sales Forecast Due To CDMO Challenges And Inventory Cuts By Customers
EuroAPI’s board expressed its appreciation for Rotthier’s contributions, specifically recognizing his role in “establishing the company as a new independent major API and CDMO (Active Pharmaceutical Ingredient and Contract Development and Manufacturing Organization) player in the market.” EuroAPI separated from Sanofi just last year and embarked on a strategic review earlier this month.
Notably, EuroAPI recently revised its growth projections for the year, reducing the forecast to a new range of 3% to 5%, down from the previous 7% to 8%. This adjustment was attributed to pricing pressures resulting from lower inflation and “inventory reduction programs implemented by some of our customers,” as explained by Rotthier. Consequently, EuroAPI has suspended its previously presented mid-term outlook covering the period from 2023 to 2026.
EuroAPI officially launched its operations in May 2022 with a clear mission: to become the “partner of choice for all pharmaceutical and biotech companies.” The company currently operates six manufacturing facilities across Europe, emphasizing its commitment to the pharmaceutical and biotech sectors.
