Just 14-months after taking the reins from former CEO Joe Papa, Allegan’s Perrigo Company, a leading global provider of quality affordable healthcare products, has announced the forthcoming retirement of Chief Executive Officer John Hendrickson. A search committee of the Board of Directors has been created and will begin conducting a thorough process to identify Hendrickson’s replacement.
Mr. Hendrickson will remain with the company until his replacement is appointed, as well as up to 60 days following to ensure a smooth and successful transition. Mr. Hendrickson will continue to stand for election to Perrigo’s Board of Directors at the company’s annual general meeting on July 20, 2017 and will step down from the Board upon the appointment of a new Chief Executive Officer.
Hendrickson says, “My decision to retire this year has not been an easy one, but now is the right time for me to make this change personally and professionally. I am privileged to have led Perrigo, particularly as we’ve met the challenges we faced and stabilized the business in a time of transition.”
Hendrickson, who was at the helm for a year and two months after replacing Papa, adds, “I am extraordinarily proud of what we have accomplished since I joined the Company in 1989. I am confident the Company will successfully execute on our strategic plan to return to consolidated growth in 2018 and to advance our commitment to providing quality affordable healthcare products to customers and consumers around the world. I look forward to continuing to work alongside our tremendous leadership team until we’ve successfully transitioned to my successor.”
Laurie Brlas, Chairman of the Perrigo Board of Directors, tells us, “The Board is grateful to John for his 25+ years of service to the Company and we look forward to partnering with him to continue on the outstanding progress of the past year while we work to identify his successor.”
The board chair also cited progress by Hendrickson in his tenure at the top saying, “John has taken meaningful action across all areas of our business: including (1) making significant organizational improvements, from Rx forecasting to implementing our cost optimization plan; (2) enhancing leadership across our organization; (3) focusing our Consumer Healthcare International business and improving margins; and (4) overseeing our strategic portfolio review, including the divestiture of several non-core assets. This dedication and focus on operational excellence has set Perrigo on a strong trajectory, as evidenced by our positive results in our first quarter.”
Brlas concluded her remarks by adding, “The Board and I have no doubt about the strength of Perrigo’s business and that we will carry this momentum forward over the next few months of John’s leadership and beyond under a new executive. We will retain an executive search firm to support our thorough search for Perrigo’s next leader who can continue to build on our upward trajectory.”
Perrigo Company is a leading global healthcare company, delivering value to its customers and consumers by providing quality affordable healthcare products. The company was founded in Allegan 130 years ago as a packager of home remedies, and 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. Perrigo is the world’s largest manufacturer of over-the-counter healthcare products and supplier of infant formulas for the store brand market.
