Another Change At Perrigo Helm As Results Remain Turbulent
Executive Summary
Incoming CEO Murray Kessler is a seasoned veteran of regulated consumer markets – but not health care. Will his combination of experience and fresh perspective help enable the OTC private label market leader to reverse share declines?
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Kessler Exits Perrigo With Doors Open On Turnaround, Closed On Ireland, US Tax Disputes
At helm nearly five years with Perrigo continuing to navigate comprehensive turnaround with a target of returning to its historical profile of driving volume sales while keeping costs lower than is brand-name OTC drug competitors, he’s leaving at end of July.
Perrigo Expanding Consumer Portfolio After Finding Problems Slowing Growth
"Probably the worst offense" among Perrigo's problems is that before appointing President and CEO Murray Kessler in November, it had three CEOs since 2016, making him the fourth chief executive in three years, says Kessler. Perrigo's move to a self-care focus means "a broader emphasis on the wellness component of health and wellness" and opening its portfolio of products and categories to areas including nutraceuticals, oral care, probiotics, therapeutic skin care products and others.
Perrigo Pivots To 'Self Care' For 'Massive Opportunity' Beyond OTC Drugs
Providing self-care products "opens this organization up to massive opportunity" which Perrigo will identify in early 2019, says new CEO Murray Kessler. It remains committed to selling or spinning off its Rx unit, though it's "just a few FDA approvals away from significantly" growing, he says as firm reports $68m net loss in its latest quarter.