June 19, 2018 / 6:10 AM / a month ago

Sanofi poaches former PSA finance boss Chasseloup de Chatillon

PARIS (Reuters) - French drugmaker Sanofi (SASY.PA) announced it had hired Jean-Baptiste Chasseloup de Chatillon, the former chief financial officer at carmaker and Peugeot-manufacturer PSA (PEUP.PA) who had helped oversee a revival in PSA’s fortunes.

FILE PHOTO: French multinational pharmaceutical company SANOFI logo is seen at the headquarters in Paris, France, March 8, 2016. REUTERS/Philippe Wojazer/File Photo

Sanofi said Chasseloup de Chatillon would become its executive vice-president and chief financial officer, with his position taking effect on October 1, replacing Jerome Contamine who will be retiring.

“Jean-Baptiste is an experienced CFO who has been part of the impressive turnaround of PSA Group,” said Sanofi chief executive Olivier Brandicourt in a statement.

PSA had posted a series of record earnings results over the last two years, having rebounded from a 2012 brush with bankruptcy, and Chasseloup de Chatillon had been a member of Peugeot’s managing board since 2012.

Chasseloup de Chatillon will arrive at Sanofi at a time of blockbuster deals within the global healthcare industry.

Sanofi has already struck two major takeover deals this year, buying haemophilia specialist Bioverativ for $11.6 billion and acquiring Ablynx, which is developing a prized experimental drug for a rare blood disorder, for 3.9 billion euros ($4.5 billion).

The transactions marked a return to successful deal-making for Sanofi after failures to land major takeovers since 2011, when it bought U.S biotech company Genzyme for around $20 billion, although some investors have questioned the costs.

Reporting by Sudip Kar-Gupta and Gilles Guillaume; Editing by Bate Felix

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