Cardinal Health Names CFO Mike Kaufmann as New CEO
November 06 2017 - 8:58AM
Dow Jones News
By Allison Prang
Cardinal Health Inc. said Monday that Chief Executive George
Barrett will step down from his post next year.
Chief Financial Officer Mike Kaufmann will become the chief
executive of the pharmaceutical and medical-supplies distributor on
Jan. 1.
Mr. Kaufmann has been finance chief since 2014 and joined the
company in 1990.
Mr. Barrett, who has served as CEO since 2009, will remain in
his role as executive chairman until the company's November 2018
annual shareholder meeting. He joined the company in 2008 and
previously served as president and CEO of Teva Pharmaceutical
Industries Ltd.'s North American operations.
Lead independent director Gregory Kenny will then become
nonexecutive chairman, Cardinal Health said.
Jorge Gomez, CFO of Cardinal Health's medical division, will be
taking over as finance chief of the entire company.
The announcements come as Cardinal Health reported profit its
latest quarter fell 63% from a year ago to $115 million, as higher
expenses weighed on the firm.
On an adjusted basis, earnings fell 13% to $346 million.
Adjusted earnings per share were $1.09, beating analysts' estimates
of $1.
Revenue rose 2% to $32.6 billion.
Cardinal Health recently completed its $6.1 billion purchase of
Medtronic PLC's patient-recovery business to bolster its portfolio
of medical products.
Shares were largely flat in early morning trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
November 06, 2017 08:43 ET (13:43 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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