An Eli Lilly and Company pharmaceutical manufacturing plant is pictured in Branchburg, New Jersey
Reuters

U.S. pharmaceutical giant Eli Lilly named a new chief financial officer on Monday during a critical time for the company's exploding weight-loss drug market.

Eli Lilly promoted Lucas Montarce, who joined the company in 2001. He assumes the role abandoned by former CFO Anat Ashkenazi, who stepped down months ago to join Alphabet.

The move comes as Eli Lilly invests billions of dollars into its new obesity drugs, Mounjaro and Zepbound. Some analysts project sales could exceed $150 billion by the early 2030s.

Eli Lilly and rival Novo Nordisk are the early leaders in the growing weight-loss drug market. The change in leadership saw stock shares rise 2.34% to $905.48 in early trading, as of 10 a.m. ET Monday.

Montarce previously served as head of finance for Lilly Research Laboratories and Lilly International. He most recently served as the president and general manager for Lilly's offices in Spain, Portugal, and Greece. He now will serve as both CFO and executive vice president for Lilly, with a base salary of $1 million and bonuses worth up to $1 million.

"I am committed to building on our strong financial foundation and helping drive continued success as we expand our global footprint and deliver long-term value to our stakeholders," said Montarce. "I am honored to step into this role during such a significant time in our company's history."

Montarce will oversee a massive expansion project for the Indianapolis-based pharma giant's weight-loss drugs. Lilly recently responded to soaring demand by launching an increase in manufacturing capabilities. Lilly also raised its annual sales forecast to $3 billion.

Despite its efforts, Lilly has been unable to meet the demand for its obesity drugs. Mounjaro and Zepbound are listed by the U.S. Food and Drug Administration's official shortage list.