Perrigo promotes president Hendrickson to chief executive
Valeant said Monday that Papa, 60, is slated to start at the company by early May. Papa will succeed J. Michael Pearson, who is expected to remain as CEO and a director until Papa’s arrival.
With Papa’s departure, Perrigo on Monday named president John Hendrickson to the CEO post, effective immediately. He retains the title of president.
Perrigo said Papa resigned on April 24. Upon his exit, the Dublin, Ireland-based company said its board has decided to separate the roles of CEO and chairman and has elected independent director Laurie Brias as chairman.
Valeant’s hiring of Papa as chairman and CEO comes just over a month after it announced that it would begin a search for a new chief executive to replace Pearson, whom the Laval, Quebec-based company said was stepping down. Pearson served as Valeant’s CEO and as a board member since September 2010 and was chairman from March 2011 to February 2016.
“The board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time,” Valeant chairman Robert Ingram said in a statement. “He has a strong shareholder orientation, a background in science and an unmatched track record of accomplishments, highlighted by his ability to lead companies through times of transition and drive excellence across commercial, manufacturing and R&D platforms. In addition, fostering an ethical culture and creating opportunities for professional development have always been high priorities for Joe, and we look forward to Joe’s arrival at Valeant.”
Papa, 60, has more than 35 years of experience in the pharmaceutical, health care services and specialty pharmaceutical industries, including 20 years of branded prescription drug experience. He served as CEO of Perrigo since 2006 and as chairman since 2007. Before joining Perrigo, Papa was chairman and CEO of the pharmaceutical and technologies services segment of Cardinal Health Inc. from December 2004 to October 2006 and served as president and chief operating officer of Watson Pharmaceuticals Inc. from 2001 to 2004.
Papa also has held management positions at DuPont Pharmaceuticals, Pharmacia Corp., G.D. Searle& Co. and Novartis AG. While at Novartis and Pharmacia/Searle, he was responsible for overseeing the successful launches of Diovan, Celebrex and Lotrel, Valeant noted.
“I am excited to take on the challenge of leading Valeant and helping the company chart a new course,” Papa stated. “Valeant has world-class franchises, important treatments for patients across numerous therapeutic areas, and a very talented and dynamic workforce, and I am confident that the company has a bright future ahead. We have an opportunity to move forward with a renewed focus on operating with integrity across all areas of the business and providing customers with safe and affordable products that improve their lives.”
At Perrigo, Hendrickson has served as president since October 2015. Prior to that, he was executive vice president of global operations and supply chain from 2006 to 2015.
Hendrickson also held a range of other management and operational leadership roles at Perrigo since coming to the company 1989, including leading the U.S. Consumer Healthcare business from 2003 to 2006.
“Aligned with our succession planning process, the board of directors has elevated John to chief executive officer from president, where he led global operations and had responsibility for almost 70% of our employee base,” Brias commented. “John is an exceptional leader who is passionate about our mission, committed to our core values and, with his breadth of experience, is uniquely qualified to successfully lead Perrigo into the future. He has made exceptional contributions to the business during his 27-year tenure, including leading our U.S. Consumer Healthcare business, and we are confident that he has the industry expertise and the operational track record to continue to drive growth.”
Before joining Perrigo, Hendrickson held research and development positions at Procter & Gamble Co., including R&D group leader from 1987 to 1989 and R&D engineer from 1985 to 1987.
“I am privileged to have been chosen as the chief executive officer to lead our great company forward. Perrigo’s long-tenured and cohesive leadership team has successfully positioned the company for a great future,” Hendrickson stated. “As we implement our strategic plans across the organization, we are aware that we need to execute against our goals with a renewed sense of focus and operational discipline. I am excited to work with our board and our more than 13,000 employees worldwide to achieve near- and long-term goals and provide quality affordable health care products to our customers and patients across the globe, while delivering shareholder value.”