AstraZeneca announces new chief executive

(AP) Drug maker AstraZeneca has appointed former Roche executive Pascal Soriot as its chief executive officer.

Soriot was chief operating officer of the pharmaceuticals division at Roche since 2010. AstraZeneca said Tuesday that Soriot will take up his new position in Oct. 1

Soriot replaces David Brennan, who stepped down in April as the company announced a 44 percent drop in first-quarter net profits.

AstraZeneca said Simon Lowth, who has served as interim CEO, will return to his role as chief financial officer.