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May 14, 2014 /PRNewswire/ -- Actavis plc (NYSE: ACT) today announced the proposed senior management team that will lead the specialty pharmaceutical company pending the successful close of the acquisition of Forest Laboratories, Inc., which is anticipated at mid-year. Following the close,
Paul Bisaro, Chairman and Chief Executive Officer of Actavis, will become Executive Chairman.
Brent Saunders, currently CEO and President of Forest, will become CEO and President, and a member of the Board of Directors.
Robert Stewart, President, Actavis Global Operations, will become Chief Operating Officer. Mr. Saunders will report to Mr. Bisaro and the Board of Directors, and Mr. Stewart will report to Mr. Saunders.
"Consistent with the practice we established during the legacy Actavis acquisition in 2012, we are publicly announcing the proposed senior leadership structure prior to the close of the Forest acquisition, in order to ensure that we seamlessly operate as one global company on Day 1," said Mr. Bisaro. "These appointments reflect the increased size and complexity of the combined business, and the exceptional and complementary expertise of the Actavis and Forest management teams. Announcing Brent and Bob's appointments, as well as the extended senior leadership structure, permits us to more effectively define the cascading organization. This will remove uncertainty during the integration planning phase prior to close, as well as ensure continuity of management in meeting our commitments to drive enhanced value following the close. The proposed senior management structure reflects the wealth of exceptional pharmaceutical talent available from both organizations that will lead the new Actavis post close."
Paul Bisaro, Executive ChairmanIn the newly created role of Executive Chairman, Mr. Bisaro will continue to lead the Company's Board of Directors, while maintaining his oversight of the strategic management of Actavis. Mr. Bisaro, working closely with Mr. Saunders and the Actavis Management Team, will oversee the development of the Company's brand, generic, branded generic and OTC business growth strategies, as well as the identification and execution of mergers and acquisitions, including geographic and business unit diversification strategies and initiatives. He will also continue to share in directing senior management team selection and retention; overall business integration initiatives; strategic planning for both organic and inorganic growth; and in conjunction with Mr. Saunders, continue to represent the Company with shareholders, investors and other critical audiences.
Brent Saunders, CEO and PresidentAs CEO and President, Mr. Saunders will have responsibility for leading Actavis' approximately
$15 billion global pharmaceutical business. Mr. Saunders will have responsibility for all commercial and business functions, as well as the combined Company's finance, legal, human resource and corporate affairs activities.
"I am thrilled that Brent will be joining Actavis as CEO and President of our expanded organization, and accepting a seat on our Company's Board of Directors," said Mr. Bisaro. "Brent is a proven leader with an in-depth knowledge of and passion for the pharmaceutical industry, whose record of success at Forest, Bausch + Lomb and Schering-Plough speaks for itself. I am looking forward to working with him closely as we continue to build the new Actavis into a world-class company focused on sustainable double-digit growth."