Former Scottish Power exec named CFO at AstraZeneca

LONDON - Drugmaker AstraZeneca PLC, which has its U.S. headquarters near Wilmington, today named Simon Lowth, a former Scottish Power executive, as its new chief financial officer.

Lowth, 46, replaces Jon Symonds, whose abrupt resignation was announced in June.

Symonds left Britain's second-largest drugmaker when the company named David Brennan successor to long-serving CEO Tom McKillop. Symonds joined investment banking firm Goldman Sachs Group Inc.

AstraZeneca Chairman Louis Schweitzer said that Lowth contributed to "significant improvements in business and financial performance" at Scottish Power.

"AstraZeneca has embarked on its own change journey including the transformational move into large-scale biologics this year, so Simon's background makes him particularly well-suited to this role," he added.

The company is cutting jobs and pursuing an aggressive strategy of acquisitions and licensing deals to address the dearth of promising products in its pipeline, following a number of late-stage drug failures in the last three years.

Company shares were up 59 cents, to $49.49 in morning trading on the New York Stock Exchange.