Shire picks Bayer's Flemming Ornskov as new head

Angus Russell is stepping down as chief executive of the Dublin-based specialty pharmaceutical company Shire next year.

His replacement will be Flemming Ornskov, who is currently chief marketing office and global head of strategic marketing (general and specialty medicine) at Bayer.

Ornskov will join the company on January 2, 2013, as chief executive designate, spend time with all three Shire businesses and will have a special focus initially on the specialty pharmaceuticals business.

He will be based at Shire's US offices outside Philadelphia, during this period, following after which he will become CEO on April 30, 2013.

Flemming Ornskov said: “Shire stands out in the industry. I'm motivated and inspired by the company's vision and excited to bring the combination of my medical, multi-national and entrepreneurial business background to lead Shire to the next phase of its development.”

Prior to his time at Bayer, Ornskov was global president, pharmaceuticals and OTC at Bausch & Lomb. Before this he served as CEO at both Lifecycle Pharma and US biotech Ikaria, and worked at Merck & Co and Novartis.

His selection as CEO came as part of Shire's search for a new president for its specialty pharmaceuticals business after the resignation in April of Michael Kola. A process the company intended to yield a potential successor for Angus Russell.

Russell will retire in 2013 after 13 years with Shire and a full 32 years of working in the pharmaceutical industry.

Shire chair Matthew Emmens said: “Angus led the company through a period of extraordinary growth and was instrumental in establishing a winning strategy and a powerful and compelling culture. We wish him and his family well in his retirement.”