AmerisourceBergen Announces Financial Leadership Change
September 10 2018 - 4:30PM
Business Wire
CFO Tim G. Guttman to retire from the
Company
Group President James F. Cleary, Jr. named
CFO
Company Reaffirms Fiscal Year 2018 Guidance
AmerisourceBergen Corporation (NYSE: ABC) today announced that
Tim G. Guttman, Executive Vice President and Chief Financial
Officer, has decided to retire from the Company. James F. Cleary,
Jr., Executive Vice President and Group President, Global
Commercialization Services and Animal Health, will succeed Guttman
as Executive Vice President and Chief Financial Officer. Guttman
will step down as Chief Financial Officer on November 9, 2018 and
continue in an advisory capacity further into fiscal year 2019 to
ensure a smooth transition. All previously communicated aspects of
the Company's fiscal year 2018 financial guidance and assumptions
remain the same.
“Tim has exemplified financial stewardship and humble leadership
throughout his 16 years with the company. I have great respect for
Tim’s energy, dedication and focus on financial performance.” said
Steven H. Collis, Chairman, President and Chief Executive Officer
of AmerisourceBergen. “During his nearly seven-year tenure as CFO,
Tim has been a key partner to me, and the rest of the executive
lead team, supporting the company in delivering a strong track
record of financial results, growth and total shareholder
return.”
Cleary joined AmerisourceBergen in February 2015 following the
Company’s acquisition of MWI Veterinary Supply, where he served as
chief executive officer for over a decade, leading MWI through its
initial public offering, many years of growth and ultimate sale to
AmerisourceBergen. Following the acquisition, Cleary served as
Executive Vice President & President, AmerisourceBergen Animal
Health for over two years until taking on responsibility for
AmerisourceBergen’s pharmaceutical commercialization solutions for
manufacturers and animal health as Executive Vice President &
Group President, Global Commercialization Services & Animal
Health in June 2017.
“Jim brings more than 20 years of strong leadership and
operational experience and an in-depth knowledge of our business to
his new role as CFO,” Mr. Collis continued. “I feel fortunate to be
able to have such an experienced executive transitioning into the
CFO role. His proven track record of management and execution make
him an excellent leader to help AmerisourceBergen continue to grow
as a leading healthcare solutions provider and drive shareholder
return.”
About AmerisourceBergen
AmerisourceBergen provides pharmaceutical products,
value-driving services and business solutions that improve access
to care. Tens of thousands of healthcare providers, veterinary
practices and livestock producers trust us as their partner in the
pharmaceutical supply chain. Global manufacturers depend on us for
services that drive commercial success for their products. Through
our daily work—and powered by our 21,000 associates—we are united
in our responsibility to create healthier
futures. AmerisourceBergen is ranked #12 on the Fortune
500, with more than $150 billion in annual revenue. The
company is headquartered in Valley Forge, Pa. and has a
presence in 50+ countries. Learn more
at investor.amerisourcebergen.com.
AmerisourceBergen's Cautionary Note Regarding Forward-Looking
Statements
Certain of the statements contained in this press release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Words such as “expect,” “likely,” “outlook,”
“forecast,” “would,” “could,” “should,” “can,” “project,” “intend,”
“plan,” “continue,” “sustain,” “synergy,” “on track,” “believe,”
“seek,” “estimate,” “anticipate,” “may,” “possible,” “assume,”
variations of such words, and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management’s current expectations and are subject to
uncertainty and change in circumstances. These statements are not
guarantees of future performance and are based on assumptions that
could prove incorrect or could cause actual results to vary
materially from those indicated. Among the factors that could cause
actual results to differ materially from those projected,
anticipated, or implied are the following: unfavorable trends in
brand and generic pharmaceutical pricing, including in rate or
frequency of price inflation or deflation; competition and industry
consolidation of both customers and suppliers resulting in
increasing pressure to reduce prices for our products and services;
changes in pharmaceutical market growth rates; changes in the
United States healthcare and regulatory environment, including
changes that could impact prescription drug reimbursement under
Medicare and Medicaid; increasing governmental regulations
regarding the pharmaceutical supply channel and pharmaceutical
compounding; declining reimbursement rates for pharmaceuticals;
federal and state government enforcement initiatives to detect and
prevent suspicious orders of controlled substances and the
diversion of controlled substances; increased public concern over
the abuse of opioid medications; prosecution or suit by federal,
state and other governmental entities of alleged violations of laws
and regulations regarding controlled substances, and any related
disputes, including shareholder derivative lawsuits; increased
federal scrutiny and litigation, including qui tam litigation, for
alleged violations of laws and regulations governing the marketing,
sale, purchase and/or dispensing of pharmaceutical products or
services, and associated reserves and costs, including the reserve
recorded in connection with the proceedings with the United States
Attorney’s Office for the Eastern District of New York; material
adverse resolution of pending legal proceedings; the retention of
key customer or supplier relationships under less favorable
economics or the adverse resolution of any contract or other
dispute with customers or suppliers; changes to customer or
supplier payment terms; risks associated with the strategic,
long-term relationship between Walgreens Boots Alliance, Inc. and
the Company, including principally with respect to the
pharmaceutical distribution agreement and/or the global generic
purchasing services arrangement; changes in tax laws or legislative
initiatives that could adversely affect the Company’s tax positions
and/or the Company’s tax liabilities or adverse resolution of
challenges to the Company’s tax positions; regulatory action in
connection with the production, labeling or packaging of products
compounded by our compounded sterile preparations (CSP) business;
suspension of production of CSPs; failure to realize the expected
benefits from our reorganization and other business process
initiatives; managing foreign expansion, including non-compliance
with the U.S. Foreign Corrupt Practices Act, anti-bribery laws and
economic sanctions and import laws and regulations; declining
economic conditions in the United States and abroad; financial
market volatility and disruption; substantial defaults in payment,
material reduction in purchases by or the loss, bankruptcy or
insolvency of a major customer; the loss, bankruptcy or insolvency
of a major supplier; changes to the customer or supplier mix;
malfunction, failure or breach of sophisticated information systems
to operate as designed; risks generally associated with data
privacy regulation and the international transfer of personal data;
natural disasters or other unexpected events that affect the
Company’s operations; the impairment of goodwill or other
intangible assets (including with respect to foreign operations),
resulting in a charge to earnings; the acquisition of businesses
that do not perform as expected, or that are difficult to integrate
or control, including the integration of H. D. Smith and
PharMEDium, or the inability to capture all of the anticipated
synergies related thereto or to capture the anticipated synergies
within the expected time period; the effects of disruption from the
transactions on the respective businesses of the Company and H. D.
Smith and the fact that the transactions may make it more difficult
to establish or maintain relationships with employees, suppliers,
customers and other business partners; the disruption of the
Company’s cash flow and ability to return value to its stockholders
in accordance with its past practices; interest rate and foreign
currency exchange rate fluctuations; and other economic, business,
competitive, legal, tax, regulatory and/or operational factors
affecting the Company’s business generally. Certain additional
factors that management believes could cause actual outcomes and
results to differ materially from those described in
forward-looking statements are set forth (i) in Item 1A (Risk
Factors) in the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2017 and elsewhere in that report and (ii)
in other reports filed by the Company pursuant to the Securities
Exchange Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180910005887/en/
AmerisourceBergen CorporationBennett MurphyVice
President, Investor
Relations610-727-3693bmurphy@amerisourcebergen.com
AmerisourceBergen (NYSE:ABC)
Historical Stock Chart
From Aug 2024 to Sep 2024
AmerisourceBergen (NYSE:ABC)
Historical Stock Chart
From Sep 2023 to Sep 2024