IN BRIEF (Page 17)

Novartis names new CEO

Novartis AG named Joe Jimenez (above), head of the company's pharmaceuticals division, to take over as chief executive officer from Daniel Vasella effective Feb 1.

Vasella, who has been CEO of the company for 14 years, will remain chairman, the Basel, Switzerland-based company said. The company also reported a 54 percent increase in fourth-quarter profit to $2.3 billion. Sales increased 28 percent to $12.9 billion, Novartis said.