Schering-Plough's CEO Resigns

Richard Kogan will retire and resign from the board no later than April 2003.
Author:
Publish date:

Schering-Plough

(SGP)

said its chief executive officer, Richard Kogan, will retire and resign from the board no later than April 2003.

The New Jersey-based company said Kogan gave up his position as chairman of the board to "facilitate a smooth transition," and that board member Richard de J. Osborne had been appointed the new chairman and would oversee the search for a new CEO.

Kogan, 61, had been with the company for more than 20 years, serving as president and CEO since 1996, and serving as chairman, president and CEO since 1998.

The company said in October that its third-quarter profit fell 29% amid foundering sales of the allergy drug Claritin.