The FINANCIAL — The Alcon, Inc. (NYSE:ACL) board of directors elected Dr. Daniel Vasella as its chairman of the board, replacing Cary Rayment who had served as chairman since May 3, 2005.
Dr. Vasella is also chairman of the board of Novartis AG, which became Alcon's majority owner after it purchased 52 percent of Alcon's shares from Nestle SA on August 25, 2010, bringing its total share ownership to approximately 76 percent. He has served on the board of Alcon since July 7, 2008. Mr. Rayment will remain on the board and will serve as its vice-chairman.
"I welcome Dr. Vasella into the chairman position and look forward to working with him on Alcon board matters. We are pleased that we will be able to continue to benefit from Mr. Rayment's extensive experience in the eye care industry in his role as vice-chairman. I would also like to thank Cary for his numerous strategic contributions and for his guidance as chairman of the board for the last five years," said Kevin Buehler, Alcon's president and chief executive officer.