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Faron Pharmaceuticals Ltd

Faron Pharma finance boss to transition into new role next month

Yrjö Wichmann is stepping down as CFO to become Faron’s new Vice President, Financing and Investor Relations, and he will be replaced by Toni Hänninen

board room
Hänninen is joining from Fortune 500 group Danaher

Drug developer Faron Pharmaceuticals Ltd’s (LON:FARN) has unveiled plans to reshuffle its boardroom ahead of next week's annual general meeting in Finland.

Chief financial officer Yrjö Wichmann is to step down from his current position to take up the new role of Vice President, Financing and Investor Relations.

READ: Faron raises €1.34mln from existing shareholder

Faron said this will allow him to focus on the company’s “future financing and investor relationships”.

Wichmann will remain a member of the senior management team but will step down from the board next month (June).

Replacing him as CFO will be Toni Hänninen, who will join from Fortune 500 science and technology group Danaher on 1 June.

Hänninen will bring “extensive global experience” which the company said will be “very relevant” as it looks to progress its product portfolio and international commercial development.

‘Changes will strengthen the company’

“These managerial changes will strengthen our operations by allowing Yrjö 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.

“I am delighted that Toni has decided to join Faron. His vast experience, from international director and controller positions, will help us to advance our international accounting processes and internal reporting.”

Faron shares were down 0.5% to 103.5p.

Quick facts: Faron Pharmaceuticals Ltd

Price: £1.11

Market: AIM
Market Cap: £42.19 m
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