logo
Share SHARE
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
GoPro has just launched a facile camera, its smallest and lightest yet, as the action-camera sports maker seeks to further entice its adventure-seeking consumers. Oreo, the popular two chocolate wafers with a sweet crème filling in between has now got a new look. With about half the width of the regular Oreo, the new Oreo Thins will be thinner and slightly reduced in calorie. It will be available from July 13 with no change in its cookie taste and price tag. The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares.
comments powered by Disqus
Follow RTT