Mr Lechleiter, president and CEO of Lilly, will succeed outgoing chairman Sidney Taurel, who had previously announced his retirement from the company and the board, effective December 31, 2008.
The board has also announced that, at the time of his retirement at the end of 2008, Mr Taurel will be designated chairman emeritus in recognition of his many significant contributions to the company during his tenure as chairman and CEO.
Mr Lechleiter has received a bachelor of science degree summa cum laude in chemistry from Xavier University in 1975. Mr Lechleiter then studied organic chemistry as a national science foundation fellow at Harvard University, where he was granted his master’s and doctorate degrees in 1980.
Mr Taurel said: “I am confident that John is the right choice to lead the company as chairman. He is well-respected across the industry and has the depth of experience, wisdom and vision to lead Lilly to great success both today and in the future. As chairman, John will continue to do what is necessary to deliver on our strategy and increase the company’s value for our shareholders.”