Uwe Röhrhoff, who will take the top job at over-the-counter consumer goods and pharmaceutical company Perrigo Co. plc (PRGO) - Get Report on Jan. 15, brings experience running a complex operating platform in global healthcare markets.
Dublin-based Perrigo, whose shareholders include activist investor Starboard Value LP, on Monday, Jan. 8, appointed Röhrhoff as the successor to John T. Hendrickson, who announced in June that he planned to retire.
Perrigo shares were trading at $90.84 on Tuesday afternoon, up 0.8%.
"While Mr. Rohrhoff has limited experience specifically in consumer healthcare and generics, he has a strong record in operations [and] global leadership positions," Leerink Partners LLC analyst Ami Fadia wrote in a note on Monday.
Fadia added that Rohrhoff "brings a proven record of driving growth while operating a complex global operating platform, which we believe would be relevant in the context of Perrigo."
Röhrhoff is a former CEO of Gerresheimer AG, a Düsseldorf, Germany-based maker of pharmaceutical packaging products and medical devices for storage, dosage and administration of drugs. In that role, he led a company with 36 manufacturing facilities across 14 countries and 1,500 customers in nearly 100 countries.
Gerresheimer had revenue of about €1.4 billion ($1.67 billion) in revenue in 2016, up 7.2% from 2015.
Röhrhoff started his career at Gerresheimer in 1991, later taking on roles including building its business in the U.S. and leading American subsidiary Gerresheimer Glass Inc. He became CEO in 2010, leading the company for seven years until his retirement in August 2017.
Under Röhrhoff's watch, Gerresheimer's deal activity included the purchase of Centor Inc., a Perrysburg, Ohio, prescription drug packaging business, for $725 million in 2015. Among the other deals were the acquisition of majority stakes in India-based Neutral Glass & Allied Industries Pvt. Ltd. and Triveni Polymers Pvt. Ltd. in 2012. As for divestitures, Gerresheimer and Chase Scientific Glass Inc. sold their joint venture, Kimble Chase Life Science and Research Products LLC, to One Equity Partners LLC-backed Duran Group GmbH in 2016. Gerresheimer in 2015 sold its pharmaceutical glass tubing business to Corning Inc. (GLW) - Get Report for €196 million.
Röhrhoff's arrival at Perrigo comes on the heels of a slew of divestiture transactions by the company over the past several months, including the sale of of its royalty stream for multiple sclerosis drug Tysabri to an affiliate of Royalty Pharma for up to $2.85 billion in a deal announced in February and completed in March.
Hendrickson will step down as CEO and board member on Jan. 15 but will stay with the firm until March 15 to ensure a smooth transition, according to Monday's statement.
Perrigo in February 2017 settled with Starboard after the activist hedge fund sent a letter in September 2016 urging the company's management to make "material changes," possibly including divesting a couple of noncore assets.
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