Fisons Announces New Chief Executive

Six months after Cedric Scroggs departed his post as chief executive at the UK pharmaceutical and scientific equipment company Fisons, a new appointment to the position has been announced. Fisons has named Stuart Wallis, a chartered accountant, as chief executive with effect from September 1, 1994. Mr Wallis is leaving Bowater, where he has been an executive director responsible for the company's European packaging and international packaging businesses.

It has been suggested that Mr Wallis was in line as successor to Bowater's current chief executive. Bowater's shares plummeted when the appointment was announced, but Fisons' share price, which has had a particularly bumpy ride in the past couple of years, did not move.

Patrick Egan, chairman of Fisons, said: "we are extremely pleased that Stuart Wallis will be joining us. He is a very experienced industrial executive and we much look forward to working with him." However, there have been some reservations concerning his lack of experience in the pharmaceutical field.