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Biogen appoints insider as CFO after Michael McDonnell to retire next year

Biogen said on Monday insider Robin Kramer will take over as the drugmaker's financing chief after incumbent Michael McDonnell retires at the end of February next year.

The appointment of Kramer, who joined Biogen in 2018 and currently functions as its chief accounting officer, comes at a. time when the business is going for a turn-around.

Biogen has actually relied on expense cuts, multiple acquisitions and a. narrowed focus on new launches to improve profit considering that CEO. Christopher Viehbacher took the top role in 2022.

McDonnell, who has been the business's primary financial. officer considering that August 2020, prepares to retire on Feb. 28. He has. played a critical role in the drugmaker's recent acquisitions.

Her (Kramer) deep understanding of our company, combined. with her breadth of understanding and leadership experience offer me. excellent self-confidence in her as our next CFO, Viehbacher stated.

Before signing up with Biogen, Kramer held senior finance functions at. Hertz Global Holdings and the Gillette Company, among. others.

Shares of Biogen, which is set to report its third-quarter. outcomes on Wednesday, have actually fallen about 29% up until now this year. The stock was marginally up in early trading on Monday.

(source: Reuters)