Pharmaceutical company Eli Lilly and Company (NYSE: LLY) announced on Monday that it has named Lucas Montarce as its new executive vice president (EVP) and chief financial officer (CFO) and member of the company's Executive Committee, effective immediately.

Montarce has served in various finance leadership roles, which includes group vice president, corporate controller and CFO of Lilly Research Laboratories; vice president, finance and CFO of Lilly International; and vice president, finance and global CFO of Elanco Health. Most recently, Montarce served in the role of Lilly president and general manager for the Spain, Portugal and Greece hub.

David A Ricks, chair and CEO, said, 'We are excited to announce Lucas as Lilly's next CFO, following a competitive search across health care, tech and general industries. Developing leadership talent has always been a strength for Lilly, and Lucas has thrived in a wide variety of roles of increasing scope and impact. Having worked directly with Lucas for more than a decade, I am highly confident he has the drive, curiosity and integrity to excel as our next CFO.'