Eli Lilly appoints insider Lucas Montarce as finance chief amid rising investments to boost capacity

on Monday said it has appointed insider Lucas Montarce as its new chief financial officer, effective immediately, months after former CFO Anat Ashkenazi stepped down to join Google parent Alphabet.

Lilly and Danish rival Novo Nordisk are leaders in the burgeoning market for new weight loss drugs, which some analysts project could exceed $150-billion by the early 2030s. Under Ashkenazi’s leadership, Lilly’s stock grew nearly four-fold. “I do think that a lot of people were pretty surprised by the departure of the previous CFO,” said Dave Wagner, Portfolio Manager at Aptus Capital Advisors, which holds about 30,000 shares of Lilly, according to a regulatory filing.

“Lucas was very much groomed probably to be the next CFO,” Wagner said, pointing to Montarce’s experience being similar to Ashkenazi’s within the company.

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