There are always reasons for a CEO not to leave. PP has been CEO...

There are always reasons for a CEO not to leave. PP has been CEO for 10 years. That is a long time in the corporate world and, I would suspect, that it can have a high impact on family and relationships. If PP waited for Vifor to settle down and get results, then when the next initiative came along (like CSL112 for example) that would be a bad time to leave as it hit it's straps and got rolled out. Then when all the CAPEX spend on P & E has finished and commissioning and bedding down is occurring is that the wrong time to leave.?

CSL, IMO, has had luck, but it has also had leaders and a board with vision and an outlook of 10 years, not 10 months. Turning luck into shareholder value is really hard. (Look at BHP and RIO, when they had luck with commodity prices and purchased assets at too high a price).

I keep on looking at the R & D portfolio and see the new products that are coming down the pipeline and go, "that is not luck". It takes 10 years from an idea for a new product to Registration. That is a business culture that should be a case study of how to manage a business in every 1st year MBA course.

HT1