Biogen appoints insider as CFO after Michael McDonnell to retire next year
Adds background in paragraph 3, details on Kramer in paragraph 6
Oct 28 (Reuters) -Biogen BIIB.O said on Monday insider Robin Kramer will take over as the drugmaker's finance chief after incumbent Michael McDonnell retires at the end of February next year.
The appointment of Kramer, who joined Biogen in 2018 and currently serves as its chief accounting officer, comes at a time when the company is aiming for a turnaround.
Biogen has relied on cost cuts, multiple acquisitions and a narrowed focus on new launches to boost profit since CEO Christopher Viehbacher took the top role in 2022.
McDonnell, who has been the company's chief financial officer since August 2020, plans to retire on Feb. 28. He has played a pivotal role in the drugmaker's recent acquisitions.
"Her (Kramer) deep understanding of our business, coupled with her breadth of knowledge and leadership experience give me great confidence in her as our next CFO," Viehbacher said.
Before joining Biogen, Kramer held senior finance roles at Hertz Global Holdings HTZ.O and the Gillette Company, among others.
Shares of Biogen, which is set to report its third-quarter results on Wednesday, have fallen about 29% so far this year. The stock was marginally up in early trading on Monday.
Reporting by Sriparna Roy in Bengaluru; Editing by Shilpi Majumdar
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