A boardroom reshuffle at pharmaceutical business Shire sees long-serving CFO Angus Russell appointed as chief executive.

Russell, who took the CFO role in 1999, takes on the top job in place of Matthew Emmens – who moves to chairman.

He has served in the pharmaceutical industry for 27 years including his time as Shire CFO, with roles at ICI, Zeneca and its successor business AstraZeneca.

Shire said it had met with corporate governance recommendations in the combined Code in terms of appointing the former chief executive as chairman, by consulting on the issue with shareholders.

'As required by the UK Combined Code on Corporate Governance, these appointments have been discussed in advance with major shareholders and representatives of a shareholder representative body,' the company said in a statement.

Former chairman Dr James Cavanaugh has retired.

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