Simon Lowth, Chief Financial Officer, to leave AstraZeneca

AstraZeneca today announced that Simon Lowth, Chief Financial Officer (CFO) and Executive Director, will leave the company at the end of October, after the reporting of third quarter results. Simon has been appointed CFO for the BG Group PLC and will take up his new post in November.

Simon will retain his responsibilities as CFO and will continue to be a member of the AstraZeneca Board until he leaves the company. A search for Simon’s successor is under way.

Pascal Soriot, Chief Executive Officer, said: “Simon has made a significant and lasting contribution to AstraZeneca’s success, helping put the company on a stronger footing for the future. Personally, I will miss our interactions and I would like to thank him for all his support over the last few months. I know that I speak on behalf of everyone at AstraZeneca in wishing him well in the next chapter of his career.”

As a Board member, Simon Lowth’s remuneration arrangements related to this year will be fully disclosed in the company’s 2013 annual report and accounts. In summary, Simon will be paid his base salary and benefits up until the end of October and will receive no payments for the remainder of the notice period. He will not be eligible to receive an annual bonus for 2013 and all outstanding long-term incentive awards made under the Performance Share Plan and AstraZeneca Investment Plan will lapse in accordance with plan rules on termination. Deferred bonus shares representing the stock element of historical annual bonus payments for 2010 (10,281 shares), 2011 (9,001 shares) and 2012 (11,728 shares) will vest on their pre-determined vesting dates.