DUBLIN, May 8, 2017 /PRNewswire/ -- Perrigo Company plc
(NYSE; TASE: PRGO) today announced the appointment of Rolf A. Classon and Adriana Karaboutis to the
Company's Board of Directors.
Pursuant to the agreement with Starboard Value LP ("Starboard")
announced on February 7, 2017,
Starboard recommended that Mr. Classon and Ms. Karaboutis be
appointed to the Board. As planned, upon this recommendation, the
Company agreed to accept the resignation of Ms. Ellen Hoffing on May 2,
2017. Mr. Classon and Ms. Karaboutis began their service
upon Ms. Hoffing's resignation, following their appointment by the
Board to serve as directors of the Company.
Laurie Brlas, Perrigo's Chairman,
commented, "The additions of Adriana and Rolf to the Perrigo Board
further enable us to enhance shareholder value. Their experiences
and industry expertise add relevant perspectives as we continue to
deliver on our strategic initiatives. On behalf of the Perrigo
Board and management team, I want to thank Ellen for her dedication
to Perrigo and its shareholders throughout her service."
Jeffrey Smith, Starboard's CEO
and Chief Investment Officer, said, "Together, the Board and
management team continue to make progress on a number of key
initiatives. Adriana and Rolf add valuable expertise to this newly
constituted Board, which continues to focus on increasing
shareholder value."
New Directors
Rolf A. Classon has extensive
experience as a senior executive and Board member of a number of
international medical device, biotechnology and pharmaceutical
companies. He currently serves as Chairman of the Board of
Directors at Tecan Group Ltd. and is on the Boards of Catalent,
Inc., Fresenius Medical Care AG and Co. and Hill-Rom Holdings, Inc.
Mr. Classon has served on a number of other Boards, including
Auxilium Pharmaceuticals, Millipore Corporation, and Prometheus
Laboratories Inc. He was Chairman of the Executive Committee and
CEO for Bayer Healthcare from 2002 to 2004, in addition to holding
a number of different positions at Bayer AG between 1991 and 2002.
From 2005 to 2006 he served as interim President and CEO at
Hillenbrand Industries, and prior to 1991 he held a number of
different management positions at Pharmacia Corporation. Rolf will
join Perrigo's Nominating and Governance Committee.
Adriana Karaboutis currently serves as an independent
director on several company Boards including Advance Auto Parts,
Inc. and Blue Cross Blue Shield of Massachusetts. Previously, Adriana served as
the Executive Vice President, Technology and Business Solutions at
Biogen, Inc., where she oversaw information technology and led the
digital health technology and advanced analytics team. Prior to her
time at Biogen, Ms. Karaboutis was Vice President and Global Chief
Information Officer of Dell, Inc., and spent over 20 years at
General Motors and Ford Company in various international leadership
positions. Adriana will join Perrigo's Audit Committee.
About Perrigo
Perrigo Company plc, a leading global healthcare company,
delivers value to its customers and consumers by providing Quality
Affordable Healthcare Products®. Founded in 1887 as a packager of
home remedies, Perrigo has built a unique business model that is
best described as the convergence of a fast-moving consumer goods
company, a high-quality pharmaceutical manufacturing organization
and a world-class supply chain network. Perrigo is the world's
largest manufacturer of over-the-counter ("OTC") healthcare
products and supplier of infant formulas for the store brand
market. The Company also is a leading provider of branded OTC
products throughout Europe and the
U.S., as well as a leading producer of "extended topical"
prescription drugs. Perrigo, headquartered in Ireland, sells its products primarily in
North America and Europe, as well as in other markets, including
Australia, Israel and China. Visit Perrigo online at
(http://www.perrigo.com).
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements." 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 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, including the time, effort and expense to
complete the restatement of its financial statements, future
impairment charges, the ability to achieve its guidance, the
completion of announced acquisitions or dispositions, the ability
to execute and achieve the desired benefits of announced
initiatives, and the timing, amount and cost of any share
repurchases. In addition, the Company may identify and be unable to
remediate one or more material weaknesses in its internal control
over financial reporting, may encounter unanticipated material
issues or additional adjustments that could delay the completion of
the restatement of its financial statements or the filing of
required periodic reports with the SEC, or may be unable to regain
compliance with the NYSE continued listing rules. Furthermore, the
Company and/or its subsidiaries may incur additional tax
liabilities in respect of 2016 and prior years as a result of the
restatement of the Company's financial statements or may be found
to have breached certain provisions of Irish company legislation in
respect of prior financial statements and if so may incur
additional expenses and penalties. These and other important
factors, including those discussed under "Risk Factors" in the
Company's Form 10-KT for the six-month period ended December 31, 2015, as well as the Company's
subsequent filings with the United States 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.
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SOURCE Perrigo Company plc