Patterson Companies Announces Dental Leadership Transition

Rhea-AI Summary

Patterson Companies, Inc. announced a leadership transition in its Dental segment as Tim Rogan steps down as President of Patterson Dental. The company is searching for a new leader to drive growth and profitability. Rogan will serve as an advisor during the transition period. The Dental segment will report to the Chief Operating Officer, Kevin Pohlman.

ST. PAUL, Minn.--(BUSINESS WIRE)-- Patterson Companies, Inc. (Nasdaq: PDCO) today announced that it has initiated a search for a new leader for its Dental segment. Tim Rogan, who has served as President of Patterson Dental since 2021, has stepped down from his role, effective immediately, and agreed to serve as an advisor to the Company in the short term to facilitate a smooth transition. The Dental segment will continue to report to Chief Operating Officer, Kevin Pohlman.

“Our dental business has made significant progress to further enhance our value proposition and differentiate Patterson as the partner of choice for our customers. After careful consideration, we determined that a leadership transition will best position us to build on that strength and drive enhanced growth, profitability and value creation over the long term,” said Don Zurbay, President and CEO of Patterson Companies. “On behalf of all of us at Patterson, I am grateful to Tim for his contributions over many years of service to the organization. I am confident that our talented team will remain focused on executing our strategy and serving our customers while we work to identify our next leader to capitalize on the many opportunities ahead.”

About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support. Learn more: pattersoncompanies.com

This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. Forward-looking statements often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could” or “may.”

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements.

Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: wide-spread public health concerns as we experienced, and may continue to experience, with the COVID-19 pandemic; our dependence on suppliers to manufacture and supply substantially all of the products we sell; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; adverse changes in supplier rebates or other purchasing incentives; risks of selling private label products, including the risk of adversely affecting our relationships with suppliers; the risk of technological and market obsolescence for the products we sell; the risk of failing to innovate and develop new and enhanced software and e-services products; our dependence on positive perceptions of Patterson’s reputation; risks associated with illicit human use of pharmaceutical products we distribute; risks inherent in acquiring and disposing of assets or other businesses and risks inherent in integrating acquired businesses; turnover or loss of key personnel or highly skilled employees; risks associated with information systems, software products and cyber-security attacks; risks related to climate change; our ability to comply with restrictive covenants and other limits in our credit agreement; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; the effects of the highly competitive dental and animal health supply markets in which we compete; the effects of consolidation within the dental and animal health supply markets; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, weather conditions, the availability of natural resources and other factors outside our control, and the risks of the companion animal business, including the possibility of disease adversely affecting the pet population; exposure to the risks of the health care industry, including changes in demand due to political, economic and regulatory influences and other factors outside our control; increases in over-the-counter sales and e-commerce options; risks from the formation or expansion of GPOs, provider networks and buying groups that may place us at a competitive disadvantage; risks of litigation and government inquiries and investigations, including the diversion of management’s attention, the cost of defending against such actions, the possibility of damage awards or settlements, fines or penalties, or equitable remedies (including but not limited to the revocation of or non-renewal of licenses) and inherent uncertainty; failure to comply with health care fraud or other laws and regulations; change and uncertainty in the health care industry; failure to comply with existing or future U.S. or foreign laws and regulations including those governing the distribution of pharmaceuticals and controlled substances; failure to comply with evolving data privacy laws and regulations; tax legislation; risks inherent in international operations, including currency fluctuations; and uncertain macro-economic conditions, including inflationary pressures.

The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive, accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.

You should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K and information which may be contained in our other filings with the U.S. Securities and Exchange Commission, or SEC, when reviewing any forward-looking statement.

Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake any obligation to release publicly any revisions to any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510234065/en/

INVESTOR CONTACT: John M. Wright, Investor Relations

COMPANY: Patterson Companies Inc.

TEL: 651.686.1364

EMAIL: investor.relations@pattersoncompanies.com

MEDIA CONTACT: Patterson Corporate Communications

COMPANY: Patterson Companies Inc.

TEL: 651.905.3349

EMAIL: corporate.communications@pattersoncompanies.com

WEB: pattersoncompanies.com

Source: Patterson Companies Inc.

FAQ

Who is stepping down as President of Patterson Dental?

Tim Rogan is stepping down as President of Patterson Dental.

Who will serve as an advisor during the transition period?

Tim Rogan will serve as an advisor during the transition period.

Who will the Dental segment report to?

The Dental segment will report to Chief Operating Officer, Kevin Pohlman.

What prompted the leadership transition in Patterson Companies' Dental segment?

The leadership transition aims to drive enhanced growth, profitability, and value creation over the long term.

What did Don Zurbay, President and CEO of Patterson Companies, express regarding the transition?

Don Zurbay expressed gratitude to Tim Rogan for his contributions and confidence in the talented team to execute the strategy and serve customers.