Forest Laboratories Provides Update on Succession Planning
May 23 2013 - 8:00AM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) today announced that
Howard Solomon will retire as Chief Executive Officer and
President, effective December 31, 2013. Subject to the same
nominating and election processes annually as all directors, Mr.
Solomon is expected to remain as Chairman through the 2014 Annual
General Meeting (AGM), at which time another Chairman will be
elected. Mr. Solomon will retain the title of Chairman Emeritus
after the 2014 AGM and has agreed to serve as Senior Advisor to the
Company following his retirement as CEO and President. Mr. Solomon
has served as CEO since 1977, Chairman since 1998 and President
since 2010.
As previously disclosed, an independent committee of Forest’s
Board has been engaged in a succession planning process, including
evaluating internal and external candidates. With Mr. Solomon’s
retirement announcement, the Board has determined to bring the
process to a close and expects to name a successor before the end
of the year. The committee is being assisted by Spencer Stuart, a
leading executive search firm.
Kenneth E. Goodman, Presiding Independent Director, said, “On
behalf of the Board and the entire company, we would like to
express our appreciation for Howard’s dedication, strategic vision
and immeasurable contributions to Forest and its shareholders for
nearly 50 years, 36 of those years as CEO. Under Howard’s
leadership, Forest has evolved from a small-scale producer of
vitamin pills into an innovative and fully integrated
pharmaceutical company with a market capitalization of over $10
billion and a proud history of innovation, strong execution and
delivering value for shareholders. Today, with the launches of a
new generation of products, all advanced under Howard’s
stewardship, Forest is positioned to build on this success. We are
delighted that Howard is available to continue to serve Forest as
Chairman through to the 2014 annual meeting and as a Director and
Senior Advisor to the Company following his retirement as CEO and
President.”
Gerald M. Lieberman, a member of the independent committee
overseeing succession planning, said, “We have been actively
engaged in the succession planning process for some time and agree
with Howard that now is the right time to begin the transition to
new leadership. There is no question that Howard has been an
extraordinary chief executive. Our mission and focus now is to find
the right CEO to take our products forward and build on the
platform that Howard helped put in place. We appreciate his clear
commitment to ensuring the smoothest possible transition.”
Mr. Solomon said, “I recognize that the time has come for me to
retire from the full time responsibility of running Forest
Laboratories. I will be 86 this August and I think the company is
entitled to the rigorous assurances of continuity that a younger
chief executive can provide. I have agreed to serve Forest as an
advisor and, if elected, as a Director for the next several years.
Above all, I do deeply love Forest and so many of its executives
and employees with whom I have worked for so many years. It is
thanks to the support and tireless effort of our extraordinarily
talented employees, past and present, that we have been able to
build a dynamic company with a diversified product portfolio and
late-stage pipeline that is truly unrivaled in the industry. We
have many opportunities ahead. In the coming months, I look forward
to working with the Board and new CEO, when identified, on a
seamless handover of my responsibilities and to continuing my
service to Forest as a board member and Senior Advisor.”
Mr. Solomon began his career as an attorney at leading law firms
in New York and joined Forest in 1964 as a director and secretary
of the Board, while serving as outside counsel for the Company. He
became CEO of Forest in 1977 and Chairman in 1998. Mr. Solomon is a
Trustee of the New York Presbyterian Hospital and previously served
on the Board of Cold Spring Harbor Laboratories. He is currently a
member of the Executive Committee of the Board of Directors of the
Metropolitan Opera and Chairman of its Finance Committee, a
Director and former Chairman of the New York City Ballet and a
Director Emeritus of Lincoln Center. Mr. Solomon graduated from the
City College of New York and holds a J.D. from Yale University.
About Forest Laboratories
Forest Laboratories' (NYSE: FRX) longstanding global
partnerships and track record developing and marketing
pharmaceutical products in the United States have yielded its
well-established central nervous system and cardiovascular
franchises and innovations in anti-infective, respiratory,
gastrointestinal and pain management medicine. Forest’s pipeline,
the most robust in its history, includes product candidates in all
stages of development across a wide range of therapeutic areas. The
Company is headquartered in New York, NY. To learn more, visit
www.FRX.com.
Forward-Looking Information
Except for the historical information contained herein, this
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties, including
the difficulty of predicting FDA approvals, the acceptance and
demand for new pharmaceutical products, the impact of competitive
products and pricing, the timely development and launch of new
products, and the risk factors listed from time to time in Forest
Laboratories’ Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and any subsequent SEC filings. Forest assumes no obligation
to update forward-looking statements contained in this release to
reflect new information or future events or developments.
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