Faron appoints new CFO after some internal shuffling

Clinical-stage biopharmaceutical company Faron Pharmaceuticals updated the market on its board and management team on Friday, announcing that Yrjö Wichmann was leaving his current role as its chief financial officer to take up the new position of vice-president, financing and investor relations.

The AIM-traded firm said that would allow him to focus on its future financing and investor relationships.

Wichmann would remain a member of the senior management team, but had expressed his intention to step down from the board with effect from 1 June.

Toni Hänninen had subsequently been appointed as Faron's new CFO from 1 June, and would be responsible for both internal and external reporting.

He was joining Faron from Danaher Group, where he held a regional EMEA CFO role for their subsidiary X-Rite in Switzerland.

Prior to that, he worked for the Hilti Group for more than 13 years in Germany, Liechtenstein, the US and Asia, in various finance and general management roles.

Faron said Hänninen would bring “extensive” global experience in business controlling, reporting, compliance and general management, which the board believed would be “very relevant” as the company progressed its product portfolio and international commercial development.

“These managerial changes will strengthen our operations by allowing Yrjö to focus on the Company's future financing,” said Faron Pharma chief executive officer Dr Markku Jalkanen.

“We also believe this will increase Faron's capacity to attract external financing and enable us to better maintain and develop investor relationships and target an expanded future shareholder base.”