CHADDS FORD, Pa.
Dec. 12, 2012
- Dave Holveck To Retire By May 2013
- Board Conducting Search For Next CEO
- Comments on 2012 and 2013 Full Year Financial Guidance
Endo Health Solutions Inc. (Nasdaq: ENDP) announced today
David P. Holveck
, 67, President and Chief Executive Officer, will retire in 2013. He will continue to serve in his present positions until the earlier of his successor being in place or the
annual meeting of Endo shareholders. Holveck will also leave the Board at such time.
The Board is conducting a search for the Company's next CEO and will consider both external and internal candidates with the assistance of Korn/Ferry, a leading executive search firm.
said, "I have had the opportunity to work with many talented and dedicated colleagues at Endo, and I am proud of all that we have accomplished together over the past five years. I believe Endo is well positioned for the next chapter of its success, and I will do all I can to contribute to a smooth leadership transition."
, Endo's Chairman of the Board, said, "
has done an excellent job in his five years as CEO. Endo has made significant progress in a number of important areas during his tenure, including diversifying the business, reducing our dependence on Lidoderm® and laying the foundation for future growth, including by building a robust R&D pipeline. My fellow Directors and I appreciate his creative vision and his early recognition of the changing healthcare landscape. As we transition to new leadership, the Board is sharply focused on achieving Endo's full potential for the benefit of our shareholders and on the execution and continued integration of our four main businesses. We are moving quickly and have already begun a comprehensive search for our next CEO."
2012 and 2013 Financial Guidance
The Company also said it now anticipates 2012 adjusted diluted earnings per share to be at or below the low end of its previous guidance range of
$5.00 to $5.10
. Additionally, the Company no longer expects to achieve its previous 2013 guidance for revenues of
$3.0 to $3.2 billion
and adjusted diluted earnings per share of
$5.20 to $5.40
, and expects to provide updated 2013 guidance in early January.
Endo Health Solutions Inc. is a US-based diversified healthcare company that is redefining healthcare value by finding solutions for the unmet needs of patients along care pathways for pain management, pelvic health, urology, endocrinology and oncology. Through our operating companies: AMS, Endo Pharmaceuticals, HealthTronics and Qualitest, Endo is dedicated to improving care through a combination of branded products, generics, devices, technology and services that creates value for patients, providers and payers alike. Learn more at
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