Chris Viehbacher takes over at Sanofi-Aventis

As previously announced, Chris Viehbacher, who lost out on getting the chief executive job at UK drug giant GlaxoSmithKline (Marketletters passim) has now officially taken over from Gerard Le Fur, who was ousted as the head of French drug major Sanofi-Aventis - the global number three in the pharmaceutical sector - and is expected to work on a new or clearer company strategy on R&D, cost reductions and diversification.

The two major shareholders in the group, L'Oreal and Total, opted earlier to change the leadership of the drug group but Mr Viehbacher's contractual arrangement with GSK did not allow him to take over until thsi month. It is understood, however, that he has been preparing his takeover for at least a month with discussions in Paris with consultants, bankers, investment groups and drug industry specialists.