Evotec Plunges After Pharma Firm CEO Unexpectedly Steps Down (1)

Evotec SE shares plunged after its long-serving chief executive officer unexpectedly resigned two years before the end of his current term.

Werner Lanthaler, at the helm since 2009, stepped down for personal reasons, the Hamburg-based pharmaceutical company said. The supervisory board has begun an internal and external search for a replacement.

Werner Lanthaler

Photographer: Simon Dawson/Bloomberg

The abrupt departure sent the stock tumbling as much as 22% in German trading, the biggest decline in almost a decade. Analysts including Charles Weston at RBC said the news was disappointing given Lanthaler’s strong record on execution.

Evotec’s stellar stock gains under his leadership make ...