LONDON (Alliance News) - Faron Pharmaceuticals Oy on Friday said it has made several managerial changes, which it believes will strengthen its operating performance.
The clinical stage biopharmaceutical company said Yrjo Wichmann will leave his current role of chief financial officer to take up the new position of vice president, financing & investor relations, focusing on the company's future financing and investor relationships.
Wichmann will remain a member of the senior management team but has expressed his intention to step down with effect from Saturday next week.
Meanwhile, Toni Hanninen has been appointed as Faron's new finance head from Saturday next week and will be responsible for both internal and external reporting.
He joins Faron from Danaher Group where he held a regional Europe, the Middle East & Africa CFO role for their subsidiary X-Rite in Switzerland. Prior to that he worked for the building products manufacturer Hilti Group for over 13 years in Germany, Liechtenstein, US and Asia in various finance and general management roles.
In addition, Faron Pharma said Frank Armstrong, Markku Jalkanen, Matti Manner, Leopoldo Zambeletti, Gregory Brown and John Poulos were re-elected as directors for a term that ends at the end of the next annual general meeting.
"These managerial changes will strengthen our operations by allowing Yrjo to focus on the company's future financing," said Chief Executive Markku Jalkanen.
"We also believe this will increase Faron's capacity to attract external financing and enable us to better maintain and develop investor relationships and target an expanded future shareholder base," added Jalkanen.
Faron Pharma shares were trading 1.0% higher on Friday at 105.02 pence each.
Faron Pharma (FARN)