Sept 9 (Askume) – U.S. drugmaker Eli Lilly (LLY.N) said on Monday it has appointed insider Lucas Montarsey as its new chief financial officer, effective just a few months after former CFO Anat Ashkenazi resigned to join Google parent Alphabet (GOOGL.N) .
The executive changes come at a critical time for Eli Lilly as it invests billions of dollars to expand manufacturing capabilities and meet growing demand for its diabetes and weight loss drugs Monjaro and Zepbound.
Eli Lilly and Danish rival Novo Nordisk NOVO Nordisk NOVOb.CO are leaders in the emerging weight-loss drug market, which some analysts estimate could exceed $150 billion in sales by the early 2030s.
The company’s shares were flat in afternoon trading. The Indianapolis-based drugmaker has become the world’s most valuable health care company, largely due to high demand for its weight-loss treatments.
Eli Lilly’s stock price nearly quadrupled under Ashkenazy ‘s leadership . “I think a lot of people were very surprised that the former CFO was gone,” said Dave Wagner, a portfolio manager at Aptus Capital Advisors, which owns about 30,000 shares of Eli Lilly.
Montares has been with Eli Lilly and Company since 2001, where he has held financial leadership roles, including research laboratories and international divisions.
“Lucas is very likely to be the next CFO,” Wagner said, noting that Montas’ experience is similar to Ashkenazy’s within the company.
Ashkenazi also served as treasurer of Eli Lilly Research Laboratories before being named the drugmaker’s chief financial officer in February 2021. He has “big shoes” to fill.
In his new role, Montas will serve as chief financial officer and executive vice president with a base salary of $1 million and will be eligible for an annual target bonus of $1 million.
