Diabetes treatment developer Biodel Inc. said Tuesday it has named a new chairman and CEO to replace company founder Solomon Steiner, who will become chief scientific officer.
The Danbury, Conn., company said Dr. Errol De Souza will start serving as president and chief executive officer immediately. Former Glaxo Inc. CEO Dr. Charles Sanders was named chairman.
Steiner, 72, will remain a board member and will focus on developing diabetes treatments, Biodel said in a statement.
De Souza, 56, has served as president and CEO of both Synaptic Pharmaceuticals and Archemix Corp. and currently serves on the boards of several biopharmaceutical companies.
Sanders, 77, was appointed to Biodel's board in 2006. He served for five years as CEO of Glaxo Inc., which is now part of GlaxoSmithKline PLC, and was chairman of the Glaxo board for three years. He is also a former vice chairman of Squibb Corp., now part of Bristol-Myers Squibb Co.
Sanders also serves on the boards of several biopharmaceutical or biotechnology companies.
Biodel shares rose 4 cents to $4.35 in Tuesday morning trading.