Swiss drugmaker Roche Holding AG says its chairman, Franz Humer, will step down next year after 13 years.

The 66-year-old Humer announced at the company's annual general meeting Tuesday that he won't stand for re-election to the board in 2014. The company said it will nominate a successor this fall.

Humer said that Roche is "in excellent shape and well-positioned to meet future challenges" and that it was a good time to hand over the chairmanship.

Humer was chief executive of Basel-based Roche from 1998 to 2008. He has been chairman of the board of directors since 2001.

Roche is the world's biggest manufacturer of cancer-fighting drugs.