Zoetis Announces Appointment of Paul Herendeen as Executive Vice President and Chief Financial Officer
August 14 2014 - 4:30PM
Business Wire
Herendeen brings 16 years of experience as CFO
and substantial background in health care
Zoetis Inc. (NYSE:ZTS) today announced the appointment of Paul
Herendeen as its new Executive Vice President and Chief Financial
Officer (EVP & CFO), completing a leadership transition that
began in April. Herendeen has spent the last 16 years in CFO roles
at health care companies Warner Chilcott and MedPointe, building on
a successful career in finance, banking and private equity
partnerships.
In his role at Zoetis, Herendeen will oversee the company’s
Finance and Information Technology (IT) organizations and be part
of the Zoetis Executive Team, reporting to CEO Juan Ramón Alaix. He
will have responsibility for the financial management, planning and
operations for the company’s $4.6 billion enterprise. He will also
leverage his past experiences with IT to oversee the implementation
of an Enterprise Resource Planning (ERP) system based on SAP, a
significant undertaking to complete the company’s full separation
from Pfizer. Herendeen will begin in his role at Zoetis on Sept. 2,
2014.
“We are very pleased to have Paul Herendeen joining our
executive team,” said Zoetis Chief Executive Officer Juan Ramón
Alaix. “Paul is an experienced and talented CFO with substantial
background in the health care sector and as a public company CFO.
His track record demonstrates an ability to create value and growth
for companies where he has been part of the leadership team. We
look forward to Paul using his expertise to enhance our global
finance organization and in demonstrating and communicating our
value proposition to investors.”
“I am very excited to be joining Zoetis and its leadership team
at this point in its young life as a public company,” said Paul
Herendeen, newly appointed EVP and CFO for Zoetis. “Zoetis is a
company with tremendous capabilities, talented people and market
leadership positions in a growing global animal health industry. I
see a great opportunity to continue building on the company’s
success as the world leader in animal health, bringing innovations
to customers, and creating value for our shareholders.”
Herendeen replaces former EVP and CFO Rick Passov, who left the
company in April. Glenn David, Senior Vice President of Finance
Operations, has been serving as Acting CFO in the interim. David
will remain at Zoetis and be an integral part of Herendeen’s
leadership team.
“We are very grateful for Glenn’s service as Acting CFO,” said
Alaix. “He has provided stability and valuable leadership with our
colleagues and the investment community during this transition. He
did a great job, initiated a number of improvements that will carry
forward, and remains a valuable leader for Zoetis.”
Track Record of Financial Leadership and Value
Creation
Herendeen brings more than 30 years of broad financial
experience and leadership to his role at Zoetis, including 16 years
as CFO of Warner Chilcott and MedPointe.
From 2005 to 2013, Herendeen served as CFO at Warner Chilcott, a
specialty pharmaceuticals company, which had a successful IPO in
2006, grew its revenue and profitability, and was acquired by
Actavis in 2013. He joined Warner Chilcott after four years as EVP
and CFO of MedPointe, a privately held health care company. He had
been Warner Chilcott’s CFO from 1998 until 2000, joining the
company after representing one of its lead investors on Warner
Chilcott’s Board of Directors. Herendeen helped grow the company’s
revenues and conduct its first successful IPO, and later helped
complete the company’s acquisition by Galen PLC.
From 1989 to 1998, Herendeen spent nine years as a principal
investor at both Dominion Income Management and Cornerstone
Partners, where he worked on investments as well as mergers and
acquisitions for the firms and their portfolio companies. He also
spent the early part of his career in banking and public
accounting, having held various positions with the investment
banking group of Oppenheimer & Company, the capital markets
group of Continental Bank Corporation, and as a senior auditor with
Arthur Andersen & Company.
Herendeen earned a Master of Business Administration (MBA) in
Finance from the University of Virginia’s Darden School of
Business, and holds a bachelor’s degree in Business Administration
from Boston College.
About Zoetis
Zoetis (zô-EH-tis) is the leading animal health company,
dedicated to supporting its customers and their businesses.
Building on more than 60 years of experience in animal health,
Zoetis discovers, develops, manufactures and markets veterinary
vaccines and medicines, complemented by diagnostic products and
genetic tests and supported by a range of services. In 2013, the
company generated annual revenue of $4.6 billion. With
approximately 9,800 employees worldwide at the beginning of 2014,
Zoetis has a local presence in approximately 70 countries,
including 27 manufacturing facilities in 10 countries. Its products
serve veterinarians, livestock producers and people who raise and
care for farm and companion animals in 120 countries. For
more information, visit www.zoetis.com.
DISCLOSURE NOTICES
Forward-Looking Statements: This
press release contains forward-looking statements, which reflect
the current views of Zoetis with respect to business plans or
prospects, future operating or financial performance, expectations
regarding products, future use of cash and dividend payments, and
other future events. These statements are not guarantees of future
performance or actions. Forward-looking statements are subject to
risks and uncertainties. If one or more of these risks or
uncertainties materialize, or if management's underlying
assumptions prove to be incorrect, actual results may differ
materially from those contemplated by a forward-looking statement.
Forward-looking statements speak only as of the date on which they
are made. Zoetis expressly disclaims any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. A further list and
description of risks, uncertainties and other matters can be found
in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2013, including in the sections thereof captioned
“Forward-Looking Information and Factors That May Affect Future
Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on
Form 10-Q and in our Current Reports on Form 8-K. These filings and
subsequent filings are available online at www.sec.gov,
www.zoetis.com, or on request from Zoetis.
Internet Posting of Information: We
routinely post information that may be important to investors in
the 'Investors' section of our web site at www.zoetis.com, on our Facebook page at
http://www.facebook.com/zoetis and on Twitter @zoetis. We encourage
investors and potential investors to consult our website regularly
and to follow us on Facebook and Twitter for important information
about us.
Zoetis Inc.Media Contacts:Bill
Price1-973-443-2742 (o)william.price@zoetis.comorElinore
White1-973-443-2835 (o)elinore.y.white@zoetis.comorInvestor Contacts:John O'Connor1-973-822-7088
(o)
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