AstraZeneca (AZN, Financials) named Iskra Reic as Executive Vice President for International Operations, succeeding Leon Wang, who is on extended leave due to an investigation by Chinese authorities into alleged insurance fraud and unauthorized drug imports.
Having joined the company in 2001, Reic will supervise strategy and expansion over China, Asia, Eurasia, the Middle East, Africa, Latin America, Australia, and New Zealand.
Managing the development and commercialization of COVID-19 and RSV vaccines as well as monoclonal antibody treatments, Reic formerly oversaw AstraZeneca's Vaccines and Immune Therapies division. CEO Pascal Soriot commended her great success in improving patient access to novel drugs as well as her broad worldwide experience.
This leadership change takes place under close examination of AstraZeneca's Chinese activities. Wang, who was arrested in late October, is under inquiry for suspected insurance fraud and allegedly illegal drug imports. The company has declared its will to work with authorities as necessary.
Underperforming the broader market, which has seen an 11.5% rise, AstraZeneca's stock dropped 3.8% year-to-date as of Dec. 4.
