Mike Mason, the executive vice president and president of Lilly Diabetes & Obesity at Eli Lilly and Co (NYSE:LLY), is set to retire at the end of this year after a 34-year tenure with the pharmaceutical giant.
Mason has been instrumental in the development and launch of Mounjaro, a blockbuster diabetes medication that has also seen off-label use for weight loss.
The jab is currently awaiting official approval from the US Food & Drug Administration for its use in treating obesity.
It is expected to become a head-to-head competitor for Ozempic, Novo Nordisk (NYSE:NVO) AS's blockbuster, which is forecast to rack up sales of $12.5bn this year.
Starting January 1, Patrik Jonsson, currently executive vice president and president of Lilly USA, will assume the additional role of president of Lilly Diabetes & Obesity.
Concurrently, Daniel Skovronsky, chief scientific officer and president of Lilly Research Laboratories, will head Lilly Immunology from Jonsson.
Pre-market, the stock was off $2.47 at $522.70.