Eli Lilly and Company said John Lechleiter, chairman, president and chief executive officer, will retire as president and chief executive December 31, 2016. He will continue on Lilly's board of directors until May 31, 2017, serving as non-executive chairman, at which time he will leave the board. Lilly's board unanimously elected David Ricks, currently senior vice president and president, Lilly Bio-Medicines, to assume the role of president and chief executive officer and to join the board on January 1, 2017, and to become chairman of the board on June 1, 2017.

"As Lilly transitions from our recent challenging period of patent expirations to a new era of growth, it is the logical time for a transition in company leadership," said Mr. Lechleiter. "Dave Ricks is a capable, decisive and energetic leader who is very well prepared to succeed me as chief executive officer. He brings to the role broad experience in Lilly's commercial operations along with an appreciation and understanding of research and development. He previously led Lilly's business operations in Canada, China, and the U.S. Since 2012, he has successfully guided Lilly's largest business area, Lilly Bio-Medicines, through a period of profound change. He is well respected inside and outside the company, consistently builds exceptional teams, and sets high standards of performance. Dave is well suited to help Lilly capitalize on the opportunities before it, as well as to confront the inevitable challenges that lie ahead.  He will provide outstanding leadership for our company in the coming years."

Since January 2012, Mr. Ricks has served as president of Lilly Bio-Medicines, which encompasses the therapeutic areas of Alzheimer's disease, urology, immunology, musculoskeletal disease, and pain, as well as the company's global marketing function. His successor as president of Lilly Bio-Medicines will be announced at a later date.