Perrigo Company (NASDAQ: PRGO)(TASE: PRGO) today announced an organizational restructuring to further enhance the management of the Company's global operations.
John Hendrickson has been named Executive Vice President of Global Operations and Supply Chain. In this capacity, Mr. Hendrickson will be responsible for the global manufacturing and supply chain functions for all of Perrigo's finished dosage Consumer Healthcare and Rx products. He will oversee operations in the U.S., U.K., and Mexico as well as Perrigo New York and Perrigo Israel. Most recently, he managed Perrigo's Consumer Healthcare business. Consumer Healthcare commercial sales and marketing will report directly to Joe Papa, Perrigo's President and CEO.
Mr. Papa stated, "John brings more than 20 years of industry experience to his new position. He will establish our manufacturing strategic direction, determine capital allocation and maximize the effectiveness of our entire supply chain. I believe the Company is extremely fortunate to have a leader of John's caliber to spearhead this integration effort."
The Company also announced that Sharon Kochan has been promoted to Executive Vice President of U.S. Generics. Mr. Kochan will be responsible for expanding the generic business in the U.S. market and coordinating the business development activities of our global generic business. Sharon has served in a number of strategic leadership roles since coming to Perrigo Israel in 1994, including three years in operational management positions at Perrigo New York. Most recently he has been Senior Vice President of Global Generic/API Strategy & Business Development. He earned his Bachelor's degree in Industrial Engineering from Tel-Aviv University and his Masters degree in Management Science from Columbia University.
Mr. Kochan is replacing Adam Levitt who is leaving Perrigo to pursue other interests. Mr. Papa commented, "Following the acquisition of Perrigo Israel in 2005, Adam led the development of our generic drug sales in the U.S., provided guidance to our global R&D functions, and, as a member of the Executive Committee, helped coordinate the integration of our two major businesses. I appreciate his contribution during the past two years and wish him the best in his future endeavors."
Mr. Papa added, "Our company has grown into a truly global manufacturer of over-the-counter and prescription pharmaceutical products. These changes reflect the need to capitalize on our positions as market leaders in the store brand and topical generic pharmaceutical markets. Our ability to vertically integrate our expertise in Active Pharmaceutical Ingredients across our businesses and introduce new products will drive our future growth."
Perrigo Company is a leading global healthcare supplier and the world's largest manufacturer of over-the-counter (OTC) pharmaceutical and nutritional products for the store brand market. Store brand products are sold by food, drug, mass merchandise, dollar store and club store retailers under their own labels. The Company also develops, manufactures and markets prescription generic drugs, active pharmaceutical ingredients and consumer products, and operates manufacturing facilities in the United States, Israel, United Kingdom, Mexico, Germany and China. Visit Perrigo on the Internet (http://www.perrigo.com/).
Note: Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended July 1, 2006, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Arthur J. Shannon, Vice President, Investor Relations and Communication (269) 686-1709
Ernest J. Schenk, Manager, Investor Relations and Communication (269) 673-9212
First Call Analyst:
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SOURCE: Perrigo Company
CONTACT: Arthur J. Shannon, Vice President, Investor Relations and
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Web site: http://www.perrigo.com/