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Eli Lilly CEO to retire
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May 6, 1998: 12:48 p.m. ET
Tobias steps down amid drugmaker's high times; Taurel named successor
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NEW YORK (CNNfn) - Eli Lilly Chairman and Chief Executive Randall Tobias will retire from the pharmaceutical maker later this year.
Current President and Chief Operating Officer Sidney Taurel will succeed Tobias as CEO effective July 1. He is also expected to take over as chairman by year's end.
Tobias will remain chairman of Lilly until his retirement from the company and its board Dec. 31. He will be granted chairman emeritus status upon his departure "in recognition of his significant contributions to the company," the drugmaker said Wednesday.
Tobias, who steered the Indianapolis, Ind.-based drug firm through one its most successful periods ever, cited confidence in the company's future as one reason for his resignation.
"During the time I've been here I believe the company has made significant progress toward the goals we all had in mind when I came. We're now seen as a leader in our industry on a number of dimensions," said Tobias. "I believe the business is being well managed and is heading in a very positive direction."
During Tobias' five-year tenure as chairman and CEO, the market value of Lilly jumped from $14 billion to well over $70 billion. Lilly's cumulative total return to shareholders has ranked first in the pharmaceutical industry over the past five years.
Tobias endorsed his successor.
"Sidney (Taurel) is not merely the best prepared person at Lilly to head a major pharmaceutical company, he is the best prepared person in the entire industry," Tobias said.
Taurel, 49, has been president and chief operating officer at Lilly since 1996. He has been a director since July 1991 and is chairman of the company's operations committee.
Taurel joined the Lilly subsidiary Eli Lilly International Corp. in 1971 as a marketing associate and was named marketing plans manager for the Brazilian affiliate the following year. 
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Eli Lilly
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