Eli Lilly CEO to step down

The CEO of pharmaceutical giant Eli Lilly and Co. is stepping down.

John Lechleiter will resign by the end of the year and be replaced by David Ricks, the company's senior vice president and president of Lilly Bio-Medicines.

“As Lilly transitions from our recent challenging period of patent expirations to a new era of growth, it is the logical time for a transition in company leadership,” Lechleiter said in a statement. “Dave Ricks is a capable, decisive and energetic leader who is very well prepared to succeed me as CEO.

"He brings to the role broad experience in Lilly’s commercial operations along with an appreciation and understanding of research and development."

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