FONT-SIZE Plus   Neg

Forest Laboratories CEO Howard Solomon To Retire - Update

Drug maker Forest Laboratories, Inc. (FRX) Thursday said Howard Solomon would retire as Chief Executive Officer and President, effective December 31, after serving the company for nearly 50 years.

Solomon is expected to remain as Chairman through the 2014 Annual General Meeting, when another chairman will be elected.

He will retain the title of Chairman Emeritus after the 2014 AGM and has agreed to serve as Senior Advisor to the company after his retirement as CEO and President. Solomon has served as CEO since 1977, Chairman since 1998 and President since 2010.

Solomon began his career as an attorney at leading law firms in New York. He joined Forest in 1964 as a director and secretary of the Board, while serving as outside counsel for the company. He became CEO of Forest in 1977 and Chairman in 1998.

Under Howard's leadership, the company evolved from a small-scale producer of vitamin pills into an innovative and fully integrated pharmaceutical company with a market capitalization of over $10 billion.

Kenneth Goodman, Presiding Independent Director, said, "On behalf of the Board and the entire company, we would like to express our appreciation for Howard's dedication, strategic vision and immeasurable contributions to Forest and its shareholders for nearly 50 years, 36 of those years as CEO.''

An independent committee of Forest's Board has been engaged in a succession planning process, including evaluating candidates from within the company as well as outside. With Solomon's retirement announcement, the Board expects to name a successor before the end of the year. The committee is being assisted by Spencer Stuart, a leading executive search firm.

FRX closed at $37.51 on Wednesday.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
General Mills Inc. (GIS) is voluntarily recalling 1.8 million boxes of "gluten-free" Cheerios and Honey Nut Cheerios manufactured at its Lodi, California facility, as it may contain wheat. Wheat was inadvertently mixed into the gluten free oat flour at its facility in Lodi, California. As a result,... Microsoft (MSFT) has unveiled its latest tablet. The technology giant officially debuted the new Surface Pro 4 at its Windows 10 event, held in New York City on Tuesday. The product, meant to draw customers away from laptops, includes a 12.3 inch screen, with a smaller bezel than its Pro 3 predecessor. Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements.
comments powered by Disqus
Follow RTT