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Novartis chairman joins Alcon's board

This article was originally published in Clinica

Executive Summary

Novartis is increasing its grip on eye care specialist Alcon, after its chairman Daniel Vasella was also elected chairman of Alcon's board. Novartis became Alcon's majority owner earlier this year, raising its stake in the firm to 77% (www.clinica.co.uk, 5 January 2010). However, Alcon's shareholders resisted the buy-out and Novartis is now battling them to buy the remaining 23%. Dr Vasella has served on Alcon's board since July 2008. He replaces Cary Rayment, who had been chairman since 2005. Earlier this month, former Novartis CFO Robert Karsunky became Huenenberg, Switzerland-based Alcon's CFO (www.clinica.co.uk, 5 October 2010).

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