Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
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The French pharma group has dumped its chief executive. Chris Viehbacher’s position may have been untenable but his exit hurts Sanofi at a fragile time. Chairman Serge Weinberg will temporarily take the CEO mantle. He needs to act fast to stabilise the governance.
The French drugmaker’s shares plunged after it said sales growth in diabetes drugs would stall next year. This is a vital business and the surprise slowdown is hard to decode. A reported boardroom rift just adds uncertainty. Sanofi needs to rebuild shareholder confidence.
Italian banks’ poor showing in Europe’s stress test has sparked protest from the Bank of Italy. But for reforming Prime Minister Matteo Renzi, shocks to the system aren’t unhelpful. He can use the mess to reform ailing lenders so they can support the shaky economy.
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