Novartis CEO Joseph Jimenez has announced he will leave the Swiss-based drugnaker in early 2018, after eight years at the helm, and return to his native US. However, he will remain "available for advice and support" until his official retirement on Aug. 31, Novartis said in a statement.

Jimenez will be succeeded in Basel by another American,Vasant Narasimhan, at present chief medical officer and global head of drug development. Narasimhan joined Novartis in 2005 and has held a variety of leadership positions.

The current Novartis chief focused the drugmaker on leading global businesses, while divesting non-core divisions, supervisory board chairman Joerg Reinhardt said. "Under his leadership the innovation pipeline was rejuvenated, and we successfully navigated the patent expirations of our two largest products."