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Executive Summary

PARKE-DAVIS TO BE HEADED BY JOSEPH SMITH, JOINING FROM RORER, where he was president of Rorer Pharmaceuticals and a corporate exec VP. His departure from Rorer follows three years with the firm. Smith, who was also named a corporate VP of Warner-Lambert, took over as president at Parke-Davis on March 1. He succeeds Sam Maugeri, who moves to president of Warner-Lambert's Europe/Middle East/Africa operations. Smith has been president of Rorer's U.S. pharmaceuticals business since May 1986. He joined Rorer as exec VP for U.S. operations in February 1986 from Johnson & Johnson. Smith's duties during his 20 years at J&J included management of pharmaceutical and consumer businesses and a term as VP-international operations. Maugeri had been president of Parke-Davis since 1987 and has been with Warner-Lambert for 32 years. Smith's appointment, announced Feb. 28, coincides with the realignment of top management responsibilities in several areas of Warner-Lambert's business. The changes will be effective by the middle of March. They appear designed to pave the way for the succession at the top of the Warner-Lambert corporate hierarchy from Chairman Joseph Williams to President Melvin Goodes. Maugeri will assume many of the duties previously handled by Jay Gwynne, who had been in charge of the Europe/Canada/Middle East/Africa businesses. Gwynne is named president of the newly-created Asia/Australia/Capsugel group. Responsibility for Canada operations will be handled by John Walsh, who moves from president of the American Chicle group to president, Canada/Latin America. Robert Serenbetz, who currently holds the title of president, Latin America/Asia/Australia group, will succeed Walsh as head of American Chicle. Maugeri, Gwynne and Walsh will report to Lodewijk de Vink, president of the company's international operations. De Vink, Smith and Serenbetz will report to President Goodes. Donald O'Neill, exec VP and chairman of international operations, will report to Chairman Williams.

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