Biogen Plans $1B in Cost-Savings as CEO Steps Down

After more than five years at the helm of embattled Biogen Inc., Michel Vounatsos is stepping down as CEO, the company announced Tuesday morning, and plans to implement "additional cost-reduction and productivity measures" to save about $1 billion.

Vounatsos will stay in the corner office until Biogen finds his replacement. The company has already begun the search, according to a statement.

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