By Ben Fox Rubin
Zoetis Inc. said Glenn David, its senior vice president of
finance operations, was named acting chief financial officer,
immediately taking over for Richard Passov, who is leaving the
animal-medicine maker at the end of the month.
The company said it will start a search process among internal
and external candidates for its next permanent finance chief.
"While we don't comment on personnel matters, I can say Mr.
Passov's departure is unrelated to the company's financial
condition or our financial reporting," company spokesman Bill Price
said.
The company entered into a severance and release agreement with
Mr. Passov, dated Tuesday, under the company's executive severance
plan.
"We expect Rick to provide transitional support, as needed, in
the coming months, and we wish him well in his next chapter," Chief
Executive Officer Juan Ramon Alaix said in a statement.
Mr. David will immediately assume responsibility for the
oversight of the company's financial management and global
operations. He has served as senior vice president of finance
operations since the company's initial public offering in early
2013. Prior to the IPO, Mr. David served in various financial roles
at drug maker Pfizer Inc., the company's former parent.
Zoetis, which was carved into a stand-alone company by Pfizer
last year, is the largest animal-medicine company in the world by
revenue. It makes vaccines and drugs for livestock such as cattle
and swine, as well as for pets.
In February, the company said it swung to a fourth-quarter
profit on higher revenue in both its livestock and companion
animals businesses.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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