MALVERN, Pa., Feb. 25, 2013 /PRNewswire/ -- Endo Health Solutions Inc. (Nasdaq: ENDP) today announced that Rajiv De Silva, a pharmaceutical executive who had been President of Valeant Pharmaceuticals and a senior executive at Novartis, has been named Endo's President and Chief Executive Officer, effective March 18. Mr. De Silva, who will also join the Endo Board of Directors, succeeds David Holveck who is retiring.
"Rajiv is a strong leader with the deep industry experience, outcome-oriented approach, and proven ability to drive results the Board was seeking in our next CEO," said Roger H. Kimmel, Chairman of the Board. "His track record in generating growth and profitability, managing complex integrations, and delivering for shareholders will serve us well. We are focused on taking the actions needed to create value for Endo shareholders and believe today's announcement is another key step forward that will enable us to build on Endo's strong foundation. At the same time, we appreciate Dave Holveck's significant contributions to Endo, including his leadership in reducing the Company's dependence on Lidoderm, and wish him well in his retirement."
Said De Silva, "I am excited to take on the challenge of leading Endo and helping the Company realize its full potential. Endo occupies a unique position in the healthcare market, able to deliver innovative products and services across multiple platforms with clear strengths in the medically important areas of pain management and urology. I look forward to working with the Endo team to build on its strengths and deliver top line growth while also improving cost management, execution and integration to enable Endo to make the most of its many opportunities and create value for its shareholders."
Mr. De Silva, 46, has deep experience in the pharmaceutical sector. He most recently served as President of Valeant Pharmaceuticals, a $20 billion market capitalization specialty pharmaceutical company with a presence in the U.S. and a wide range of international markets. While at Valeant from 2009 to 2013, Mr. De Silva also served as Chief Operating Officer of Valeant's Specialty Pharmaceuticals business. During this period, he drove a turnaround plan that resulted in a multi-fold increase in revenues through acquisitions and organic sales growth, substantial improvements in profitability and cash flow generation, and put Valeant among the leading creators of shareholder value in the sector.Prior to joining Valeant, Mr. De Silva was a senior executive at Novartis from 2003 to 2008, most recently serving as President of its Vaccines business in the U.S. and the Head of Vaccines in the Americas. He was previously President and CEO of Novartis Pharmaceuticals Canada and Global Head of Strategic Planning for Novartis Pharma. Earlier in his career, he was a Principal at McKinsey & Company, where he served as a member of the partnership group that led the global Pharmaceutical and Medical Products practice.