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Actavis sets up leadership to follow closing of Forest acquisition
May 14th, 2014
DUBLIN, Ireland – Actavis plc has assembled its senior management team following the completion of its $25 billion deal to acquire Forest Laboratories Inc.
Actavis said Wednesday that Paul Bisaro, its current chairman and chief executive officer, will become executive chairman of the merged company, and Brent Saunders, currently president and CEO of Forest Labs, will assume those titles for the combined company and join its board of directors.
In addition, Robert Stewart, president of Actavis Global Operations, will become chief operating officer of the merged company.
Saunders will report to Bisaro and the board, and Stewart will report to Saunders.
According to Actavis, the cash and equity acquisition deal, announced in mid-February, is expected to be finalized by the middle of this year.
"Consistent with the practice we established during the legacy Actavis acquisition in 2012, we are publicly announcing the proposed senior leadership structure prior to the close of the Forest acquisition, in order to ensure that we seamlessly operate as one global company on day one," Bisaro stated. "These appointments reflect the increased size and complexity of the combined business, and the exceptional and complementary expertise of the Actavis and Forest management teams. Announcing Brent and Bob's appointments, as well as the extended senior leadership structure, permits us to more effectively define the cascading organization. This will remove uncertainty during the integration planning phase prior to close, as well as ensure continuity of management in meeting our commitments to drive enhanced value following the close. The proposed senior management structure reflects the wealth of exceptional pharmaceutical talent available from both organizations that will lead the new Actavis post-close."
Actavis also announced other executive appointments effective with the closing of the Forest acquisition.
Bill Meury, currently executive vice president, sales and marketing for Forest, will assume responsibility as executive vice president, commercial, North American Brands, at close. David Buchen, currently Actavis' chief legal officer, will assume the newly created position of executive vice president, commercial, North American generics and International. Both of positions will report to Saunders.
Sigurdur Olafsson, president of Actavis Pharma, has elected to leave the company effective at the completion of the transaction, Actavis said. During the transitional period, Olafsson will continue to work closely with his commercial management team and support Buchen's transition, the company added.
Among other moves, Actavis announced the senior management team for its Global Shared Services Functions, which will report to Saunders. R. Todd Joyce will retain his Actavis position as chief financial officer for the combined company. Frank Perier, CFO of Forest, will provide transitional support during the integration process following the close. Bob Bailey, senior vice president and chief legal officer of Forest, will assume the position of chief legal officer and corporate secretary for Actavis, previously held by Buchen, and will report to Saunders.
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