Perrigo said late Monday that Hendrickson will remain with the company until his replacement is appointed and up to 60 days thereafter to assist with the transition.
Plans call for Hendrickson will continue to stand for election to Perrigo’s board of directors at the company’s annual meeting on July 20, and he is slated to step down from the board upon the appointment of a new CEO.
Perrigo said its board has formed a search committee and plans to retain an executive search firm to identify a new CEO to take the reins from Hendrickson.
“My decision to retire this year has not been an easy one, but now is the right time for me to make this change personally and professionally,” Hendrickson said in a statement. “I am privileged to have led Perrigo, particularly as we’ve met the challenges we faced and stabilized the business in a time of transition.
“I am confident the company will successfully execute on our strategic plan to return to consolidated growth in 2018,” he added, “and to advance our commitment to providing quality affordable health care products to customers and consumers around the world. I look forward to continuing to work alongside our tremendous leadership team until we’ve successfully transitioned to my successor.”
Hendrickson became CEO in April 2016 upon the resignation of chairman and chief executive Joseph Papa, who left the company to join Valeant Pharmaceuticals International Inc. as chairman and CEO. Hendrickson, who joined the Perrigo board last June, had served as president since October 2015.
Previously, he served as executive vice president of global operations and supply chain from March 2007 to October 2015, executive vice president and general manager of Perrigo Consumer Healthcare from 2003 to 2007, executive vice president of operations from 1999 to 2003, vice president of manufacturing from 1996 to 1999, vice president of customer service from 1995 to 1996, director of engineering from 1993 to 1995 and process engineering manager from 1989 to 1993.
Before coming to Perrigo in 1989, Hendrickson served as group leader for product development at Procter & Gamble Co.
“The board is grateful to John for his 25-plus years of service to the company, and we look forward to partnering with him to continue on the outstanding progress of the past year while we work to identify his successor,” stated Perrigo chairman Laurie Brlas. “John has taken meaningful action across all areas of our business, including making significant organizational improvements, from Rx forecasting to implementing our cost optimization plan; enhancing leadership across our organization; focusing our Consumer Healthcare International business and improving margins; and overseeing our strategic portfolio review, including the divestiture of several noncore assets.
“The board and I have no doubt about the strength of Perrigo’s business and that we will carry this momentum forward over the next few months of John’s leadership and beyond under a new executive,” Brlas added.