Eli Lilly Financial Chief to Retire After 11 Years in Role--Update

By Imani Moise

Eli Lilly & Co. said Thursday that longtime Chief Financial Officer Derica Rice will retire at the end of this year after more than a decade in the position.

Mr. Rice, who has spent 27 years at the pharmaceutical company, also is a member of Lilly's executive committee.

"Derica has been a core part of Lilly's turnaround, our innovation strategy and our consistent ability to set and then meet targets and commitments," said David Ricks, Lilly chairman, president and chief executive.

Lilly is considering internal and external candidates to succeed Mr. Rice, who joined the company in 1990. He was promoted to his current role in May 2006 and had a brief stint as interim CEO while John Lichleiter was on medical leave in 2013. Mr. Lichleiter announced his retirement last year.

Lilly's recent financial results have been helped by manufacturing efficiencies and stronger sales, but the company swung to a loss in its latest quarter owing to charges related to cost-cutting efforts.

Lilly shares edged 0.1% higher during morning trading and have gained 53% over the past 11 years.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

June 01, 2017 11:23 ET (15:23 GMT)

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