Shire CEO Angus Russell to retire, replaced by Bayer's Flemming Ornskov

Drugmaker Shire, Plc., whose U.S. headquarters is in Chesterbrook, announced Thursday morning that chief executive officer Angus Russell will retire in 2013 and be replaced by Bayer executive Flemming Ornskov.

Shire said its third-quarter profit increased 17 percent. Earlier this week, the company said it signed a letter of intent to move its U.S. headquarters to a planned campus in Malvern.

Shire chairman of the board Matthew Emmens said in a statement, “The Board would like to thank Angus for his excellent leadership and impressive contributions over many years during which time Shire has grown to become an industry leading global company. Shire has a distinctive business model and is financially strong and has consistently executed on its growth strategy. 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.”

Shire said in a statement that at Bayer, Flemming held the title of Chief Marketing Officer and Global Head, Strategic Marketing for General and Specialty Medicine, and oversaw the full pharmaceutical product portfolio.

Flemming will join Shire on Jan. 2, 2013 and after a transition, will take over on April 30. He will work from Shire offices in Chesterbrook, at least during the transition.

“Flemming is highly qualified for this role and brings diverse and deep expertise to Shire," Emmens said in the statement. "His pharmaceutical experience spans start-ups, equity and venture capital as well as mature global multi-nationals, in marketing roles and increasingly senior leadership positions. He’s lived and worked in both Europe and the United States and had responsibility for businesses across Asia. As an MD with most of his training in pediatrics, he brings important insight and understanding of patients needs. This unique combination of skills and experience will bring an innovative outlook to Shire and help steer the Company toward continued growth.”

Russell, whose wife lives in Montreal, was with Shire for 13 years and spent 32 years in the pharmaceutical industry, including time with AstraZeneca.

“I’ve enjoyed every day of my time at Shire," Russell said in the statement. "I’m very pleased to have been a part of the growth story of this excellent company and to be leaving it in such great shape for further success. I’m delighted to hand the leadership over to such a talented and visionary individual. I’ll continue to watch the progress of this outstanding organization in the years ahead.”