Eli Lilly & Co. (LLY) Names New Finance SVP

August 10, 2016 10:31 AM EDT

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Eli Lilly and Company (NYSE: LLY) announced Joshua Smiley will be appointed to senior vice president, Finance, and treasurer effective October 1. Smiley will replace Thomas Grein, who will retire in September after a 41-year career at Lilly.

Smiley currently serves as senior vice president, Finance, and controller and chief financial officer for Lilly Research Laboratories (LRL). He will report to Derica Rice, executive vice president, Global Services, and chief financial officer.

Succeeding Smiley will be Anat Ashkenazi, vice president, Finance, and chief financial officer for Lilly Manufacturing, Global Quality and Lilly Diabetes.

Grein has been "a steadfast pillar of leadership in our financial organization," said Rice, explaining that he helped navigate the company in periods of both financial prosperity and uncertainty, including a recent challenging period of patent expirations to a new era of growth.

"With Tom's guidance, we maintained a strong balance sheet and cash flow that enabled us to make acquisitions and sustain our dividend commitment to Lilly shareholders, even when times were tough," Rice said.

Having worked with Grein and others to craft and execute aspects of Lilly's financial strategy, Smiley is extremely well prepared for his new role, Rice said. "Josh's knowledge and skill helped to place Lilly in a position of strength," he said. "Josh is a strong analytical and strategic thinker who excels at distilling complex business matters into clear thoughts and actions."

Smiley has been with Lilly 21 years, serving in a variety of financial, marketing and Six Sigma roles. He has been in his current role since 2011 and before that was vice president, Finance, and chief financial officer for LRL and Lilly Oncology. Smiley is also a member of the board of trustees at Butler University where he serves as treasurer, as well as a member of the board and executive committee for the Indiana Chamber of Commerce.

Ashkenazi joined Lilly 15 years ago. Her career has focused on finance, corporate strategy, business development and Six Sigma. Before assuming her current role she was senior director, Finance, and chief financial officer for Lilly Oncology.

Rice praised Ashkenazi for her strategic thinking, "Anat has a very effective ability to apply strategy into practical solutions. Her exposure to many parts of our organization – including R&D, manufacturing and commercial – combined with her learning agility, energy and commitment, position Anat well for her new role," he said.

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