New CEO: Polish insulin firm Bioton accelerates restructuring
Warsaw – Janusz Guy, chief executive of Polish insulin manufacturer Bioton SA, has stepped down shortly before the firm is due to present its Q3 results. He will be replaced by Slawomir Ziegert, who joined Bioton from competitor Eli Lilly. According to Bioton’s major shareholder and Chairman Ryszard Krauze, Ziegert is “to accelerate and complete Bioton’s restructuring by the end of the year, and give fresh impetus to the process of negotiating further contracts for the sale of insulin for Bioton’s key markets Russia, India and Asia Pacific.” The future lies in developing biotechnology, Krauze was quoted. Besides accelerating the restructuring process, in particular by reducing costs and exploiting synergies in sales and R&D to achieve positive cash flows in 2010, Ziegert is expected to accelerate commercialisation of insulin, hepatitis B vaccines, human growth hormone, and a long-acting interferon beta. Guy, who is thought to have left his post for personal reasons, will remain with the firm in an advisory role until 31 January 2010.