Lilly Chief to Step Down; Successor Named

Eli Lilly & Co. said Randall Tobias will step down as chief executive in July and as chairman at the end of the year, five years after the 56-year-old executive moved from AT&T; Corp. to take charge of the Indianapolis-based drug maker. Sidney Taurel, 49, president and chief operating officer, will take over as CEO on July 1 and become chairman when Tobias steps down. Lilly, maker of the antidepressant Prozac, has been under pressure this year as sales of Evista, its new drug to prevent the bone-thinning disease osteoporosis, have fallen short of expectations. Lilly has risen 46% in the last year, lagging the 60% return of the Standard & Poor’s Drugs Index, because of concerns about the drug. Lilly’s stock has recovered in recent weeks on prospects that Evista may also be effective in preventing breast cancer. Lilly’s shares fell 25 cents to close at $66.06 on the NYSE.