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Stada taps Novartis exec to become next CEO

German drugmaker Stada Arzneimittel AG appointed Peter Goldschmidt CEO, effective Sept. 1.

Goldschmidt will succeed Claudio Albrecht and will be the company's fifth CEO since Hartmut Retzlaff stepped down in August 2016. He will join Stada from Novartis AG, where he is president and head of North America at the Sandoz USA unit.

Albrecht will shift to a nonexecutive position within the group, as planned.