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Business News, In Brief

Executive Summary

Cephalon's Buchi steps in for Baldino: Cephalon CEO Frank Baldino is taking a temporary medical leave of absence, and the company's long-time financial head Kevin Buchi will take over his responsibilities in the meantime, the firm announced Aug. 25. Buchi, having worked with Baldino for decades, is well-groomed to step in. He joined Cephalon in 1991 as controller and was appointed CFO in 1996. He was promoted to Chief Operating Officer earlier this year. Baldino is due to return to the company before the end of the year. If his absence is indeed only a few months long, the disruption should not have a material impact on the company, given Cephalon's experienced leadership team. A longer-term absence, however, could raise some investor alarms, because Baldino, who founded Cephalon in 1987, is the face of the company and has been steering the ship from the get-go

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