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Angus Russell To Retire In 2013: Dr Flemming Ornskov To Succeed As Chief Executive

Stocks in this article: SHP SHPG

DUBLIN, October 25, 2012 /PRNewswire/ --

The Board of Directors of Shire (LSE: SHP, NASDAQ: SHPG), announces the retirement in 2013 of Chief Executive Angus Russell after 13 years with the Company and 32 years in the pharmaceutical industry.

Flemming Ornskov MD, MBA, MPH will join the Shire Board as Chief Executive Designate on January 2, 2013 following completion of his notice period with his current employer.

There will then be a handover period of several months to ensure a smooth transition before Flemming becomes CEO on April 30, 2013; the date of the Shire Annual General Meeting.   As Chief Executive Designate, Flemming will spend time with all three Shire businesses and will have a special focus initially on the Specialty Pharmaceuticals business.  He will be based at Shire's offices outside Philadelphia, USA, during this period.

Flemming joins from Bayer where, as Chief Marketing Officer and Global Head, Strategic Marketing for General and Specialty Medicine he oversees the full pharmaceutical product portfolio, with sales in excess of 10 billion Euros from global marketing units in Europe, China and the US.

Flemming Ornskov said:

"Shire stands out in the industry. I'm motivated and inspired by the Company's vision and excited to bring the combination of my medical, multi-national and entrepreneurial business background to lead Shire to the next phase of its development."

Shire Chairman Matthew Emmens said:

"Flemming is highly qualified for this role and brings diverse and deep expertise to Shire.  His pharmaceutical experience spans start-ups, equity and venture capital as well as mature global multi-nationals, in marketing roles and increasingly senior leadership positions.  He's lived and worked in both Europe and the United States and had responsibility for businesses across Asia.  As an MD with most of his training in pediatrics, he brings important insight and understanding of patients needs.  This unique combination of skills and experience will bring an innovative outlook to Shire and help steer the Company toward continued growth."  

"The Board would like to thank Angus for his excellent leadership and impressive contributions over many years during which time Shire has grown to become an industry leading global company. Shire has a distinctive business model and is financially strong and has consistently executed on its growth strategy. Angus led the Company through a period of extraordinary growth and was instrumental in establishing a winning strategy and a powerful and compelling culture. We wish him and his family well in his retirement"

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