Actavis Announces Proposed Senior Management Team

Actavis plc has announced the proposed senior management team that will lead the specialty pharmaceutical company pending the successful close of the acquisition of Forest Laboratories, Inc., which is anticipated at mid-year. In February 2014, Activas agreed to acquire Forest Laboratories for $25 billion.  

Following the close of the deal,  Paul Bisaro , chairman and chief executive officer of Actavis, will become executive chairman.  Brent Saunders , currently CEO and president of Forest Laboratories, will become CEO and president, and a member of the board of directors.  Robert Stewart , president, Actavis Global Operations, will become chief operating officer. Saunders will report to Bisaro and the board of directors, and Stewart will report to Saunders.

In the newly created role of executive chairman, Bisaro will continue to lead the company’s board of directors while maintaining his oversight of the strategic management of Actavis. He, working with Saunders and the Actavis management team, will oversee the development of the company’s brand, generic, branded generic, and over-the-counter business growth strategies, as well as the identification and execution of mergers and acquisitions, including geographic and business unit diversification strategies and initiatives. He will also continue to share in directing senior management team selection and retention; overall business integration initiatives; strategic planning for both organic and inorganic growth; and in conjunction with Saunders, continue to represent the company with shareholders, investors, and other critical audiences.

As CEO and president, Mr. Saunders will have responsibility for leading Actavis’ approximately $15-billion global pharmaceutical business. He will have responsibility for all commercial and business functions, as well as the combined company’s finance, legal, human resource, and corporate affairs activities.

In the newly created position of chief operating officer, Stewart will retain responsibility for global operations, quality, supply chain, procurement, engineering and security, and information technology. In addition, he will retain responsibility for Global Brands, Generics and Biosimilars Research and Development, which he assumed earlier this year. 

To support the combined company’s more complex generic, brand, branded generic and OTC global commercial operations, Bill Meury , currently executive vice-president, sales and marketing for Forest, will assume responsibility as executive vice-president  commercial, North American brands at the close of the deal.  David Buchen , currently Actavis’ chief legal officer, will assume responsibilities in a newly created position of executive vice-president commercial, North American Generics and International.  Both of these positions will report to  Saunders. 

Sigurdur Olafsson , now president, Actavis Pharma, has elected to leave the company effective at the close of the transaction.  During the transitional period, he will continue to work closely with his commercial management team to ensure continued achievement of the company’s commercial objectives and support the transition.

“Bill and David will form a dynamic team in guiding our innovative new commercial organization,” said Mr. Bisaro.  “Bill’s extensive background across the Forest organization, including oversight of the company’s Global Commercial and U.S. Marketing, Sales, Managed Care, Market Research, Commercial Assessments and Early Commercialization activities, will prove invaluable in leading Actavis’ significantly expanded North American Specialty Portfolio and the continued growth of our blockbuster product franchises.”  

To support the larger and more complex company, Actavis announced the senior management team for its global shared services functions, which will report to Saunders.  R. Todd Joyce will retain his Actavis position as chief financial officer for the combined company.  Frank Perier , chief financial officer of Forest, will provide transitional support during the integration process following the close.  Bob Bailey , senior vice president and chief legal officer of Forest, will assume the position of chief legal officer and corporate secretary, Actavis, previously held by Buchen, and will report to Saunders.

Karen Ling , senior vice-president and chief human resources officer, Forest, will become chief human resources ffficer for the combined company at close, succeeding Patrick Eagan , Actavis’s chief human resources officer, who will support the transition and integration through the end of 2014. David Solomon , senior advisor to the CEO of Forest, will provide transitional support following the close.  Charlie Mayr , chief communications officer for Actavis, will retain responsibility for communications, investor relations, public relations, government affairs and strategic alignment. Sigurd Kirk , senior vice-president, Actavis corporate business development, will retain responsibility for corporate business development. Ling, Mayr, and Kirk will report to Saunders.

The company noted that it anticipates continuing to define the subsequent levels within the global organization between now and the close of the acquisition.

Source: Actavis

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