ALLEGAN, Mich., Sept. 13 /PRNewswire-FirstCall/ -- Perrigo Company
(Nasdaq: PRGO; TASE) today announced that Mori Arkin, Vice Chairman and
General Manager, Perrigo Global Generics and API, has advised the Company
that he will retire at the expiration of his current employment agreement
on March 17, 2008. Mr. Arkin will remain in his current role until that
time, managing the business and ensuring an orderly transition. Arkin will
remain a member of the Company's Board of Directors and continue to assist
the Company as needed.
Arkin joined Perrigo as Vice Chairman and has served as a director
since March 2005. Before joining Perrigo, Arkin served as Chairman of the
Board of Directors and was the principal shareholder of Agis Industries
(1983) Ltd., now known as Perrigo Israel Pharmaceuticals Ltd., from its
establishment in 1983 (and prior to that of its affiliated companies) until
its acquisition by Perrigo in March 2005.
"Mori has done an outstanding job of moving the Company forward during
his tenure as Vice Chairman," said Joseph C. Papa, Perrigo's President and
CEO. "The strategic direction put in place under Mori's leadership, with
its emphasis on continued growth of the generic Rx business in the US and
expansion of the API business around the world will remain in place, and
the Company will continue to move forward under the current business plan."
After his departure, the Global Generic and API leadership team will
report directly to Perrigo's President and CEO. Rafi Lebel, EVP and General
Manager of Perrigo Israel, who has been with the Company for more than 19
years, will continue to lead the API, Consumer Products and Pharmaceutical
Diagnostics businesses. Jatin Shah, SVP and Chief Scientific Officer, who
has more than 29 years of pharmaceutical leadership experience, will
continue to manage Global R&D and Regulatory. Sharon Kochan, who has been
with Perrigo more than 13 years, will continue in his role as EVP US
Generics. Mr. Papa stated, "I am confident that Mori and his team will
continue to manage the Perrigo Israel businesses well during this time of
transition and I look forward to working directly with the team in the
future."
Arkin said, "I have been proud to work with our leadership team to
build Perrigo into the global company that it is today and to drive value
for our shareholders. As a member of the board I will work with the
leadership team, continuing the focus on key business initiatives and
maintenance of the momentum we've established. I am committed to making
this a smooth transition."
Perrigo Company is a leading global healthcare supplier that develops,
manufactures and distributes over-the-counter (OTC) and prescription
pharmaceuticals, nutritional products, active pharmaceutical ingredients
(API) and consumer products. The Company is the world's largest
manufacturer of OTC pharmaceutical products for the store brand market. The
Company's primary markets and locations of manufacturing facilities are the
United States, Israel, Mexico and the United Kingdom. Visit Perrigo on the
Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, and are subject to the safe harbor created thereby.
These statements relate to future events or the Company's future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause the actual results, levels of activity, performance
or achievements of the Company or its industry to be materially different
from those expressed or implied by any forward-looking statements. In some
cases, forward-looking statements can be identified by terminology such as
"may," "will," "could," "would," "should," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "predict," "potential" or other comparable
terminology. The Company has based these forward-looking statements on its
current expectations, assumptions, estimates and projections. While the
Company believes these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only predictions and
involve known and unknown risks and uncertainties, many of which are beyond
the Company's control. These and other important factors, including those
discussed under "Risk Factors" in the Company's Form 10-K for the year
ended June 30, 2007, as well as the Company's subsequent filings with the
Securities and Exchange Commission, may cause actual results, performance
or achievements to differ materially from those expressed or implied by
these forward-looking statements. The forward-looking statements in this
press release are made only as of the date hereof, and unless otherwise
required by applicable securities laws, the Company disclaims any intention
or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SOURCE Perrigo Company
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Related links:
http://www.perrigo.com/
CONTACT:
Arthur J. Shannon, Vice President, Investor
Relations and Communication, +1-269-686-1709,
ajshannon@perrigo.com, or Ernest J. Schenk, Manager, Investor
Relations and Communication, +1-269-673-9212,
eschenk@perrigo.com, both of Perrigo Company
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