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“Succession processes are challenging for everyone involved and, unfortunately, it is rare that all of those involved stay with the company,” Witty said. Miels’ defection, announced by GSK on Thursday, is a blow for AstraZeneca, which has seen a string of high-profile scientists leave in the last 18 months. readIts head of oncology, Mondher Mahjoubi, left to join French biotech company Innate Pharma a month ago, while Sanofi poached one of its top researchers in March. AstraZeneca said Miels, who heads its European business, would stand down with immediate effect and the company had started the process to find his replacement. Witty told Reuters on the sidelines of the World Economic Forum in Davos that Miels would have a lengthy handover period working alongside Hussain, who intends to stay on at GSK through much of this year. GSK’s manufacturing head Roger Connor and finance director Simon Dingemans had also been suggested by industry observers as possible candidates for the CEO job. However, Witty said he did not expect any other significant management departures. For new boss Walmsley, the selection of Miels is a key appointment and marks her first big step in building up a team as she prepares to steer the drugmaker through changing times. Miels, who has both commercial and scientific experience after working at AstraZeneca, Roche and Sanofi , arrives at an important moment for GSK, which is looking to new drugs to offset the decline of lung treatment Advair. “In the next 18 to 24 months we are going to have something like 25 assets reporting out clinical data,” Witty said.
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Adjusted EPS is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Management believes Adjusted EPS is useful in providing period-to-period comparisons of the results of the Companys ongoing retail operations. The most comparable GAAP measure for Adjusted EPS is diluted EPS from continuing operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of the Companys results as reported under GAAP. Other companies may calculate Adjusted EPS differently than the Company does, limiting the usefulness of the measure for comparisons with other companies. About Target Minneapolis-based Target Corporation /quotes/zigman/253872/composite TGT -1.97% serves guests at 1,803 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. get moreFor more information, visit Target.com/Pressroom . For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.  Adjusted EPS refers to Adjusted EPS from continuing operations and is a non-GAAP financial measure that excludes losses on the early retirement of debt and the impact of certain discretely managed items. See the Miscellaneous section of this release for additional information about Adjusted EPS.
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