Shire to Relocate US Operational HQBy
Shire plc plans to relocate over 500 positions to Massachusetts from its Chesterbrook, Pennsylvania, site and establish Lexington, Massachusetts, as the company's US operational headquarters. The transition is a continuation of the company's “One Shire” efficiency program and will streamline business globally through two principal locations, Massachusetts and Switzerland, with support from a limited number of regional and country-based offices around the world.
Shire expects to realize approximately $25 million in annual savings beginning in 2016 from the relocation and says the site strategy will also enable greater alignment and execution of priorities between the company's commercial and research and development teams as well as strengthen collaboration and cross-development of employees.
Shire plans to move employees in several phases beginning in the first quarter of 2015 and targets completion by the first quarter of 2016. All directly impacted employees who do not relocate will be offered severance, outplacement service, and other employee assistance.
In other news, as previously announced, James Bowling, interim chief financial officer (CFO), will be leaving Shire, with his departure date now set as February 28, 2015. Jeff Poulton, head of investor relations, will assume the role of interim CFO, effective January 1, 2015. The CFO position will be based in Lexington.
Mr. Poulton joined Shire in 2003 and has held leadership positions in finance supporting the neuroscience, gastrointestinal, and the rare-disease business units. He oversaw the rare-diseases business unit operations in North America, Latin America, and Asia Pacific, and most recently led the integration of Viropharma's rare-disease products into the Shire portfolio. Prior to joining Shire, he spent time at Cinergy Corp. and PPG Industries in a variety of corporate finance and business development roles, in addition to serving four years in the US Navy as a commissioned officer.