Perrigo (NYSE: PRGO) reported late night that its CEO John Hendrickson would leave his post and that the company would search for a successor. Perrigo's share price dipped in late trading in New York yesterday in response to the news. The stock had fallen 22% since the beginning of the year. After falling in early trading, Perrigo's share price on the Tel Aviv Stock Exchange is currently up 1.6%, after falling 3.9% yesterday.
The company said that Hendrickson would remain until a successor is appointed, and for a period after that.
Perrigo joins Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), which currently has no permanent CEO after the ousting of Erez Vigodman earlier this year.
Hendrickson took up his position just over a year ago when he replaced Joseph Papa. It would appear that the involvement of activist investment fund Starboard, which bought a stake in Perrigo, is connected to Hendrickson's departure.
Last month Perrigo released restated results for 2016, showing a loss of $4 billion because of a one-time write down. For the first quarter of 2017, Perrigo posted a profit that was higher than the consensus analysts' estimate.
Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2017
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