Corporate surgery might be in order at Novartis. Europe’s second-largest pharmaceutical group has rehired an old hand to replace veteran chairman Daniel Vasella. That suggests continuity. But the new-old broom might ask if the sprawling group could do fewer things, better.
The incomer, Joerg Reinhardt, spent 28 years at Novartis and its predecessors – and only left for Bayer in 2010 after missing out on the chief executive’s job. So he hardly represents radical change. And Mr. Vasella retains influence as honorary chairman. Still, now would be a good time to rethink M&A policy and the group’s shape.