Wood passes on baton at Genus

25th May 2011 15:04

There is to be a change at the top of animal genetics company Genus, with Richard Wood set to retire as chief executive officer at the end of September.Wood will be replaced by Karim Bitar, who will join the board at the beginning of September. Bitar has more than 15 years experience with US company Eli Lilly, and is currently president of Lilly Europe, Canada and Australia.Broker Panmure Gordon said Wood would be a "tough act to follow" but Pitar will be joining a company which the broker believes is in robust health. "We expect him to continue to develop the twin pillars which have driven Genus's impressive growth, namely its in house research and development, which in our view enables Genus to offer quantifiably superior genetics to its customers, and an unparalleled global distribution capability.""The latter has seen significant development in recent years, particularly in crucial markets for long-term growth such as China, India and Russia," the broker said. The 46-yer-old Bitar has extensive knowledge of the biotech market and an intimate knowledge and understanding of delivering results across continents, the Genus announcement said.---jh