Allegan’s Perrigo has a new boss at the helm and his name is Murray Kessler. Kessler has been appointed President, CEO and member of the Board of Directors at the Southwest Michigan healthcare product manufacturer, effective immediately.
Rolf Classon, Chairman of the Board at Perrigo, says “We are excited to have Murray Kessler, a highly successful business executive, join Perrigo as its next CEO. Given the decision to separate the Rx pharmaceuticals business and pursue a consumer-focused strategy, the board is looking forward to partnering with him to develop Perrigo’s strategic plan.”
Murray joins Perrigo, a leading global provider of affordable healthcare products, with more than 30 years of leadership experience in growing consumer products companies and managing businesses in a regulated environment. Chairman Classon says, “He has advanced corporate strategy through innovation, inorganic opportunities, and continuous portfolio improvement. We are confident that his track record in driving shareholder value and running highly successful businesses will advance Perrigo’s consumer strategy and help the Company deliver on our commitments to consumers and customers.”
Kessler most recently served as the Chairman of the Board of Directors and CEO of Lorillard Tobacco Company from 2010-2015. As a leading innovator in the industry, he spearheaded the company’s expansion into new and emerging categories, growing Lorillard’s market capitalization from approximately $9 billion to approximately $28 billion during his tenure.
Prior to joining Lorillard, Kessler served as Vice Chair of Altria, Inc. and President and CEO of UST Inc., a wholly owned subsidiary of Altria since 2009. He originally joined UST in 2000 and was promoted to the role of President of the division within one year. In 2005, Kessler was appointed COO of UST, and served as CEO from 2007 to 2009. During his tenure, market capitalization grew from approximately $2.5 billion to approximately $12.7 billion.
Before joining UST, Kessler had more than 18 years of consumer packaged goods experience with several well-known consumer companies, including Vlasic Foods International, Campbell Soup Company and The Clorox Company. He earned a Bachelor of Business Administration degree from Villanova University and a Master of Business Administration degree from the New York University Stern School of Business.
As the newly appointed CEO and President of Perrigo, Murray Kessler, says, “This is a rare opportunity to drive winning results with a passionate and committed team in a high potential, consumer focused company that holds a leadership position in a broad portfolio of sizeable and recognizable categories. My experience in working with highly regulated consumer products reinforces my belief in this opportunity and it is for these reasons that I have chosen to once again take on the deep commitment of being a public company CEO. I look forward to working with the talented Perrigo leadership team and the Board to put a plan in place that delivers long-term sustainable and reliable growth.”
Board Chair Classon concluded, “The Board and (former CEO) Uwe mutually agreed the transition was in the best interest of the Company and, given the previously announced separation of the Rx business, now is the appropriate time to make this change. The Board determined that Murray is the right CEO for Perrigo’s consumer focused strategy going forward. We are thankful for Uwe’s leadership, including the decision to separate the Rx business. We are grateful for his service and wish him the best in his future endeavors.”
Founded in 1887 as a packager of home remedies, Perrigo has built a unique business model that is best described as the convergence of a fast-moving consumer goods company, a high-quality pharmaceutical manufacturing organization and a world-class supply chain network. They are the world’s largest manufacturer of over-the-counter healthcare products and supplier of infant formulas for the store brand market. The Company also is a leading provider of branded over-the-counter products throughout Europe and the U.S., as well as a leading producer of “extended topical” prescription drugs.
