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AmerisourceBergen names new board member
May 16th, 2013
VALLEY FORGE, Pa. – The board of AmerisourceBergen Corp. has elected Lon Greenberg as a new director.
Greenberg, 62, fills the board vacancy that arose with the retirement of Charles Cotros in February, AmerisourceBergen said Thursday. The election of Greenberg, who also joined the board's audit and corporate responsibility committee and finance committee, is effective immediately.
"Lon's extensive business experience, strategic vision and extraordinary commitment and dedication to our community will make Lon a great asset to the AmerisourceBergen board," AmerisourceBergen chairman Richard Gozon said in a statement.
Greenberg served as the chief executive officer of UGI Corp. from 1995 until his retirement on April 1, 2013. He continues to serve as UGI's chairman, a post he has held since 1996. He joined UGI in 1980 and held various senior management and executive positions at the company, including senior vice president, legal and corporate development, as well as serving as UGI's president.
"I am thrilled to have an executive of Lon's caliber and talent join our board of directors," stated Steven Collis, president and CEO of AmerisourceBergen. "I am certain that Lon will make significant contributions to the board as we work together to foster the continued success of AmerisourceBergen."
Currently, AmerisourceBergen's board has 10 directors. In early January, the pharmaceutical distributor elected former Campbell Soup Co. CEO Douglas Conant to its board, which increased the number of directors from nine to 10.
AmerisourceBergen's board stands to expand further as a result of the long-term partnership it entered with Walgreen Co. and Alliance Boots in mid-March.
As part of the agreement, Walgreens and Alliance Boots received the right to buy a minority stake in AmerisourceBergen, beginning with the right to purchase up to 7% of the fully diluted equity of the company in the open market. Walgreens and Alliance Boots also were granted equity warrants exercisable for 16% in the aggregate of the fully diluted equity of AmerisourceBergen. The warrants will be offered in two tranches exercisable for six-month periods — one starting in March 2016 and the other in March 2017 — and be allocated equally among Walgreens and Alliance Boots.
Plans call for a Walgreens executive to be appointed to AmerisourceBergen's board upon Walgreens and Alliance Boots together acquiring a 5% equity interest. An Alliance Boots executive will be appointed upon exercise in full of the first warrants.
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