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Concurrently, Ms Belén Garijo (54) was appointed to the executive board to take over leadership for the pharma business.
The management changes will become effective as of January 1, 2015.
Mr Oschmann, currently CEO pharma, will represent Mr Karl-Ludwig Kley, chairman of the executive board.
Both will share strategic management functions and will represent the company with politicians and international organizations.
As a member of the executive board, Ms Garijo, currently CEO of Merck's biopharmaceutical division Merck Serono, will take on responsibility for the whole pharma business. Besides Merck Serono, this includes consumer health, allergy and biosimilars.