Sanofi-Aventis manager Hofstaetter steps down

26th August 2004, Comments 0 comments

FRANKFURT, Aug 26 (AFP) - Just a few days after the official birth of Sanofi-Aventis, the world's third-biggest pharmaceuticals company, one of its board members has announced he is stepping down, a source close to the negotiations told AFP on Thursday.

FRANKFURT, Aug 26 (AFP) - Just a few days after the official birth of Sanofi-Aventis, the world's third-biggest pharmaceuticals company, one of its board members has announced he is stepping down, a source close to the negotiations told AFP on Thursday.

Thomas Hofstaetter, 56, is to quit at the end of the month. He was responsible for "business development" on the group's 18-strong board.

In an internal e-mail, a copy of which made available to AFP, Hofstaetter said the "style, culture and philosophy" of the new company were not as he had hoped.

He refused to make a value judgement on the climate within the merged group but said he had "come to the conclusion that it will be very difficult for me to work as I intended within the new group".

Hofstaetter's resignation represents a setback in the efforts to bring together the management teams of Sanofi-Synthelabo and Aventis harmoniously at a time when many German employees are concerned about the loss of the company's German identity.

© AFP

Subject: French news

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