Novartis AG announced that Chief Executive Officer Joseph Jimenez has informed the board of directors of his desire to step down in 2018. The company's board has appointed Vasant Narasimhan, its global head of Drug Development & chief medical officer, to the position of CEO, effective February 1, 2018. Narasimhan is a member of the Executive Committee. Jimenez will step down as CEO, effective January 31, 2018, and will be available for advice and support at the request of the chairman or the CEO until he retires from Novartis on August 31, 2018, Novartis. Narasimhan has held numerous leadership positions across Novartis in commercial, drug development and strategy roles. Prior to his current role he served as head of development for Novartis Pharmaceuticals. Before joining Novartis in 2005, he worked at McKinsey & Co.