Pharmaceutical company Hospira, Inc. (HSP) Friday said Christopher Begley, its Chairman and Chief Executive plans to resign from the CEO position. The company also said that Terrence Kearney, will step down as Chief Operating Officer by the end of 2010. Begley will continue to serve as CEO, until his successor is named.
The Lake Forest, Illinois-based company's founding CEO, Begley oversaw Hospira's 2004 spin-off from Abbott Laboratories (ABT) and doubled Hospira's geographic footprint and revenue outside the United States.
Prior to joining Hospira, Begley served as President of Abbott's Hospital Products Division, President of its Chemical and Agricultural Products Division, Vice President of Abbott Health Systems and Vice President of MediSense, Inc. Begley currently serves as a Director of Sara Lee Corp., AdvaMed and the National Center for Healthcare Leadership or NCHL.
The company's board has formed a search committee and engaged Egon Zehnder, an executive search leader, to identify Begley's successor.
Terrence Kearney, has also served Hospira since its launch, first as the company's Chief Financial Officer and then as its COO.
Further, Hospira said James Hardy, currently corporate vice president, Supply Chain, would be named to the new role of senior vice president, Operations, effective December 31, 2010. Hardy would immediately begin to work with Kearney to ensure a seamless transition, the company added.
HSP is currently trading at $50.64, down $1.51 or 2.90% on a volume of 498,569 shares on the NYSE.
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