Eli Lilly and Co. (NYSE:LLY) has appointed Lucas Montarce as executive vice president and chief financial officer, effective immediately.
What Happened: Montarce, who joined Lilly in 2001, has held numerous finance leadership positions. His roles included group vice president, corporate controller, and CFO of Lilly Research Laboratories; vice president, finance and CFO of Lilly International; and vice president, finance, and global CFO of Elanco Health.
Most recently, Montarce served as Lilly's president and general manager for the Spain, Portugal, and Greece hub. He holds a bachelor's degree in business accounting from Catholic University (Argentina) and a master's degree in business administration from the Center for Macroeconomic Studies of Argentina.
David Ricks, chair and CEO stated, "We are excited to announce Lucas as Lilly's next CFO, following a competitive search across health care, tech, and general industries."
Montarce expressed his commitment to building on Lilly's strong financial foundation and driving continued success. "I am honored to step into this role during such a significant time in our company's history," he said.
Why It Matters: The appointment of Montarce as CFO comes at a pivotal time for Eli Lilly. The company has been in the spotlight for its advancements in the weight loss and GLP-1 space. Roundhill Investments CEO Dave Mazza recently likened Eli Lilly to NVIDIA Corp (NASDAQ:NVDA) in terms of market leadership and growth potential.
Additionally, Eli Lilly's Alzheimer's drug, donanemab, is facing potential rejection by the U.K.'s National Health Service (NHS) due to cost and safety concerns, following a similar decision on Biogen Inc's (NASDAQ:BIIB) Leqembi. This has added pressure on the company to navigate regulatory challenges effectively.
Montarce's appointment also follows the resignation of former CFO Anat Ashkenazi, who left to pursue a new career. Gordon Brooks has been serving as interim CFO since Jul. 15.
Moreover, Eli Lilly is intensifying its efforts to combat imitation versions of its popular appetite-suppressing drugs, Mounjaro and Zepbound. This move is part of a broader strategy to maintain its market position amid ongoing FDA debates about drug shortages.
Price Action: Eli Lilly and Co closed at $908.27 on Monday, gaining 0.62% for the day. In after-hours trading, the stock dipped 0.027%. Year to date, Eli Lilly's stock has surged 53.37%, according to data from Benzing Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote