Ipsen Nominates Karen Witts as New Independent Board Member

Rhea-AI Summary

Ipsen (Euronext: IPN; ADR: IPSEY) has appointed Karen Witts as an independent member of its Board of Directors. Witts previously served as Group CFO at Compass Group Plc until October 2021, and has extensive experience in corporate finance, strategy, and risk management from her tenures at companies like Kingfisher Plc and Vodafone. This addition brings the board to fourteen directors, which includes six women. The upcoming Shareholders' Meeting in 2022 will seek approval for Witts' position, covering the term until 2025.

Positive

• Appointment of Karen Witts as independent director expected to enhance board expertise.
• Witts brings extensive experience in corporate strategy and finance from reputable firms.

Negative

• Potential concerns regarding continuity and experience gap following the predecessor's exit.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Karen Witts (Photo: Business Wire)

Ipsen (Euronext: IPN; ADR: IPSEY) announced today the nomination of Karen Witts to its Board of Directors as independent member.

Karen Witts was Group CFO at Compass Group Plc until October 2021. Compass is the world’s leading food service company, operating in 43 countries and employing more than 500k people. She was responsible for corporate strategy and planning, business performance management and reporting, financial reporting and control, tax and treasury activities, M&A, internal audit and enterprise risk management, investor relations, and led the digital and technology function.

Prior to this, Karen was Group CFO at Kingfisher Plc, the international home improvement company. She has also held various senior strategic finance positions at companies including Vodafone Group Services Ltd, and BT Plc. She brings expertise in transformation, investment, and risk management. Karen is an experienced Non-Executive Director and Chair of Audit.

She is a fellow of the Institute of Chartered Accountants in England and Wales, and holds an MA from the University of Edinburgh.

Following this co-optation, the Board of Directors is composed of fourteen directors (six women^(*) and eight men) including four independent directors and two directors representing the employees.

The Shareholders’ Meeting to be held in 2022 will be asked to ratify this decision for the remainder of her outgoing predecessor’s term of office (Carol Stuckley), expiring at the 2025 Shareholders’ Meeting.

^{(*) Representing more than 40%, the Directors representing the employees not being taken into account in this calculation, pursuant to article L.225-18-1 of the French Code of Commerce.}

Ipsen
Ipsen is a global, mid-sized biopharmaceutical company focused on transformative medicines in Oncology, Rare Disease and Neuroscience; it also has a well-established Consumer Healthcare business. With total sales of over €2.5bn in FY 2020, Ipsen sells more than 20 medicines in over 115 countries, with a direct commercial presence in more than 30 countries. The Company’s research and development efforts are focused on its innovative and differentiated technological platforms located in the heart of leading biotechnological and life-science hubs: Paris-Saclay, France; Oxford, U.K.; Cambridge, U.S.; Shanghai, China. Ipsen has around 5,700 colleagues worldwide and is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit ipsen.com.

Forward-looking statements
The forward-looking statements, objectives and targets contained herein are based on Ipsen’s management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect Ipsen’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today. Use of the words ‘believes’, ‘anticipates’ and ‘expects’ and similar expressions are intended to identify forward-looking statements, including Ipsen’s expectations regarding future events, including regulatory filings and determinations. Moreover, the targets described in this document were prepared without taking into account external growth assumptions and potential future acquisitions, which may alter these parameters. These objectives are based on data and assumptions regarded as reasonable by Ipsen. These targets depend on conditions or facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising product in early development phase or clinical trial may end up never being launched on the market or reaching its commercial targets, notably for regulatory or competition reasons. Ipsen must face or might face competition from generic products that might translate into a loss of market share. Furthermore, the Research and Development process involves several stages each of which involves the substantial risk that Ipsen may fail to achieve its objectives and be forced to abandon its efforts with regards to a product in which it has invested significant sums. Therefore, Ipsen cannot be certain that favorable results obtained during preclinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the product concerned. There can be no guarantees a product will receive the necessary regulatory approvals or that the product will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Ipsen's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Ipsen’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen also depends on third parties to develop and market some of its products which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s activities and financial results. Ipsen cannot be certain that its partners will fulfil their obligations. It might be unable to obtain any benefit from those agreements. A default by any of Ipsen’s partners could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s business, financial position or performance. Ipsen expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, targets or estimates contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. Ipsen’s business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers. The risks and uncertainties set out are not exhaustive and the reader is advised to refer to Ipsen’s 2020 Universal Registration Document, available on ipsen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220120006035/en/

Media

Gwenan White

Executive Vice President, Communications and Public Affairs

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Fanny Allaire

Global Communications Director

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Investors

Craig Marks

Vice President, Investor Relations

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Adrien Dupin de Saint-Cyr

Investor Relations Manager

+33 6 64 26 17 49

Source: Ipsen

FAQ

Who is Karen Witts and what is her background?

Karen Witts is the newly appointed independent director of Ipsen, previously serving as Group CFO at Compass Group Plc, with significant experience in financial management and strategy.

What impact could Karen Witts' appointment have on Ipsen?

Her expertise in corporate finance and strategy may strengthen Ipsen's leadership and decision-making processes.

When will Karen Witts' appointment be ratified?

The ratification of Karen Witts' appointment will be sought at the Shareholders' Meeting in 2022.

How many directors are on Ipsen's Board after this appointment?

With this appointment, Ipsen's Board of Directors consists of fourteen members, including six women.