Basilea Pharmaceutica Ltd. reported that Chief Executive Officer Ronald Scott will retire after 18 years with the company. Basilea's Board of Directors has appointed David Veitch, currently Basilea's Chief Commercial Officer and member of the Management Committee, to succeed Mr. Scott in the role of Chief Executive Officer effective April 19, 2018. Mr. Veitch has over 30 years of experience in the pharmaceutical industry and has a strong track-record in leading national and international cross-functional pharmaceutical organizations.

He joined Basilea in 2014 as Chief Commercial Officer. In this role, Mr. Veitch led the successful launch of Basilea's two novel hospital anti-infectives, the antifungal Cresemba and the antibiotic Zevtera. He built effective organizations and capabilities at both the country and headquarter levels in order to successfully commercialize both products in key European markets.

In addition he has led the implementation of Basilea's various partnerships with leading pharmaceutical companies around the world in order to maximize the global commercial potential of Cresemba and Zevtera. Prior to joining Basilea, Mr. Veitch served as the President of European Operations at Savient Pharmaceuticals. The company also reported that Professor Daniel Lew and Dr. Thomas Rinderknecht will not stand for re-election as Board members at Basilea's annual general meeting of shareholders to be held on April 18, 2018.

After 15 years serving as a Board member, Prof. Daniel Lew leaves the Board in accordance with the company's Organizational Regulations which define that a member of the Board of Directors shall resign effective as per the ordinary shareholders meeting immediately following completion of their 70th year of age. After 7 years on the Board, Dr. Thomas Rinderknecht does not stand for re-election due to other commitments. The Board of Directors will propose Mr. Ronald Scott for election as a member of the Board at Basilea's annual general meeting of shareholders to be held on April 18, 2018.