The long-serving chief executive of the German drug maker Stada has stepped down just days before a shareholders meeting that is expected to shake up the company’s direction.
Hartmut Retzlaff took an indefinite leave of absence in June due to an illness. In a statement on Monday, Stada announced that Mr. Retzlaff had resigned as chief executive for “personal reasons.”
The move could pave the way for some major changes at the company, which Mr. Retzlaff is credited with raising up from obscurity into a giant of the global generic drugs market.
Mr. Retzlaff’s contract, which originally ran through August of 2021, now officially ends in December of 2016. According to Stada, he will receive compensation equivalent to less than two years’ wages.