Omnicare Appoints John L. Workman as Interim CEO; Board Accepts John Figueroa's Resignation
(Thomson Reuters ONE) -
Nitin Sahney Appointed COO
Board Initiates Search for Permanent CEO
2012 Guidance Unaffected
CINCINNATI, June 11, 2012 - Omnicare, Inc. (NYSE: OCR) announced today that its
Board of Directors has appointed President and CFO John L. Workman as interim
CEO, effective immediately. Mr. Workman's appointment follows the Board's
acceptance of John Figueroa's resignation as CEO and a director of the Company.
Mr. Workman will also maintain his current responsibilities as President and
CFO.
The Company also has appointed Nitin Sahney, Executive Vice President and
President, Specialty Care Division, to the additional position of Chief
Operating Officer. Mr. Sahney's appointment is effective immediately. Mr.
Sahney's new position will include responsibility for the Long Term Care
Division.
In remarking on his decision to resign, Mr. Figueroa indicated that he believed
he accomplished the goals established by the Board when he was hired, namely to
transition Omnicare to be a more operations-driven company focused on customer
service.
"On behalf of the Board, I would like to thank John Figueroa for his service to
Omnicare," said James D. Shelton, Omnicare's Chairman of the Board. "John
joined us during a key period of change and revitalization, and he accomplished
the goals we established. We wish him and his family the very best for the
future."
Mr. Figueroa said, "When I joined as CEO, I was committed to transitioning
Omnicare to a more operations-driven company and focusing on better leveraging
our resources and capabilities to improve efficiency and enhance the customer
experience. I am proud of the progress we made as a team during my tenure."
In commenting on Mr. Workman, Mr. Shelton said, "We are fortunate to have
someone of John Workman's caliber to step in and lead Omnicare as Interim CEO.
John is a proven executive who has provided outstanding leadership to Omnicare
as CFO and President for the last two and a half years. He has built a strong
and deep financial team. In addition, he has been intimately involved in the
improved operations at the company. In short, he is ideally suited to oversee
the continued execution of our strategic plan while ensuring a seamless
transition. We're also pleased to have Nitin serve as COO. As head of our
Specialty Care Division, Nitin has demonstrated his strength as a successful
operator, and we look forward to leveraging his expertise across the entire
organization."
Mr. Workman said, "I am honored that the Board has selected me to lead Omnicare
on an interim basis and pleased to be partnering with Nitin Sahney in his new
role as Chief Operating Officer. Omnicare delivers essential services to a
rapidly changing market. To drive profitable and sustainable growth, we will
continue to be focused on processes, technology and people, that improve
customer service and efficiency, coupled with our continued disciplined use of
cash. Given our understanding of the business, the market environment and the
competitive landscape, I am confident that we will continue to successfully
execute our core strategies."
The Executive Committee of the Board of Directors will coordinate the search for
a permanent CEO. The search process will include a thorough review of internal
and external candidates, including Mr. Workman.
2012 Guidance
The Company noted that its guidance remains unaffected as a result of today's
announcement. As previously disclosed, Omnicare's full-year 2012 guidance is as
follows:
* Revenues of $6.1 billion to $6.2 billion
* Adjusted cash-based income per diluted share from continuing operations of
$3.10 to $3.20, excluding special items
* Cash flow from continuing operations of $400 million to $500 million
Webcast Today
Omnicare will hold a conference call to discuss today's announcement at 9:00
a.m. ET. A live webcast of the conference call will be accessible from the
Investor Relations section of Omnicare's website at http://ir.omnicare.com. An
archived replay will be made available on the website following the conclusion
of the conference call.
About John L. Workman
Mr. Workman has served as Chief Financial Officer since November 2009 and was
appointed President in February 2011. From 2004 to 2009, he served as Executive
Vice President and Chief Financial Officer of HealthSouth Corporation as a key
member of the team that transformed the operations of HealthSouth. Prior to
joining HealthSouth, Mr. Workman served as Chief Executive Officer of U.S. Can
Corporation where he also served as Chief Operating Officer and Chief Financial
Officer during his six year tenure. Before that, he spent more than 14 years
with Montgomery Ward & Company, Inc., serving in various capacities, including
Chief Financial Officer and Chief Restructuring Officer. Mr. Workman began his
career with the public accounting firm KPMG, where he was a partner. A certified
public accountant, Mr. Workman received a bachelor's degree in Accounting from
Indiana University and an M.B.A. from the University of Chicago.
About Nitin Sahney
Mr. Sahney rejoined Omnicare in November 2010 as the Executive Vice President &
President of Specialty Care Group, which services the specialty pharmaceutical
market. Prior to joining Omnicare, Mr. Sahney had been managing a healthcare
investment fund and advising executives at publicly traded healthcare services
firms and private equity groups, both domestically and abroad. Mr. Sahney led
the evolution and development of RxCrossroads from a wholesale and distribution
operation to one of the nation's best regarded and fastest growing specialty
pharmaceutical services companies and continued to serve as RxCrossroads'
President & CEO, following its acquisition by Omnicare in 2005. Prior to his
involvement with RxCrossroads, he held a variety of senior management positions
with Cardinal Healthcare. Mr. Sahney received a Bachelor of Arts degree in
Economics from Punjab University and a Master of Business Administration degree
from Clarion University.
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Cincinnati, Ohio, provides
comprehensive pharmaceutical services to patients and providers across North
America. As the market-leader in professional pharmacy, related consulting and
data management services for skilled nursing, assisted living and other chronic
care institutions, Omnicare leverages its unparalleled clinical insight into the
geriatric market along with some of the industry's most innovative technological
capabilities to the benefit of its long-term care customers. Omnicare also
provides key commercialization services for the bio-pharmaceutical industry and
end-of-life disease management through its Specialty Care Group. For more
information, visit www.omnicare.com.
Forward-looking Statements
In addition to historical information, this report contains certain statements
that constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, all statements regarding the intent, belief or
current expectations regarding the matters discussed or incorporated by
reference in this document (including statements as to "beliefs,"
"expectations," "anticipations," "intentions" or similar words) and all
statements which are not statements of historical fact. Such forward-looking
statements, together with other statements that are not historical, are based on
management's current expectations and involve known and unknown risks,
uncertainties, contingencies and other factors that could cause results,
performance or achievements to differ materially from those stated. The most
significant of these risks and uncertainties are described in the Company's Form
10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize or
should underlying assumptions prove incorrect, the Company's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, such forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof. Except as otherwise required by law, the Company does not undertake
any obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
# # #
CONTACT:
Patrick Lee
(513) 719-1507
patrick.lee(at)omnicare.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Omnicare via Thomson Reuters ONE
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Datum: 11.06.2012 - 13:31 Uhr
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News-ID 155090
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