Actavis plc (ACT) unveiled the proposed senior management team that would lead the specialty pharmaceutical company following the completion of Forest Laboratories, Inc. (FRX) acquisition, which is expected at mid-year.
Following the closure, Paul Bisaro, Chairman and Chief Executive of Actavis, would become Executive Chairman. The current Chief Executive and President of Forest Laboratories, Brent Saunders, would become the CEO & President, and a member of the board. Meanwhile, Robert Stewart, President of Actavis Global Operations, would become Chief Operating Officer. Saunders would be reporting to Bisaro and the Board of Directors, and Stewart to Saunders.
In this new Executive Chairman role, Bisaro would continue to head the company's board, while maintaining his oversight of the strategic management of Actavis.
Saunders, as CEO and President, would lead Actavis' nearly $15 billion global pharmaceutical business. Also, he would be responsible for all commercial and business functions, as well as the combined company's finance, legal, human resource and corporate affairs activities.
In the newly created post of Chief Operating Officer, Stewart would retain responsibility for Global Operations, Quality, Supply Chain, Procurement, Engineering and Security and Information Technology. Further, he would retain responsibility for Global Brands, Generics and Biosimilars Research and Development, which he assumed earlier this year.
The firm said it anticipates continuing to define the subsequent levels within the global organization between now and the close of the acquisition.
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