Rolf A. Classon To Not Stand for Re-Election as Chairman of The Perrigo Board of Directors

Rhea-AI Summary

Perrigo Company plc (NYSE: PRGO) announced that Rolf A. Classon will not seek re-election as Chairman at the annual meeting in May 2022. Orlando D. Ashford, who joined the board in December 2020, is expected to succeed him. Classon, who has served as Chairman since 2018, expressed optimism for Perrigo's future during his tenure, which has seen a transformation into a consumer self-care company. CEO Murray Kessler praised Classon's leadership, while emphasizing Ashford's relevant experience as a benefit for the company moving forward.

Positive

• Orlando D. Ashford brings significant experience in the consumer industry, likely benefiting Perrigo's leadership.
• Rolf A. Classon's leadership contributed to the transformation of Perrigo into a consumer self-care company.

Negative

• Rolf A. Classon, 76, stepping down may raise concerns regarding continuity and governance experience.

DUBLIN, Nov. 8, 2021 /PRNewswire/ -- Perrigo Company plc (NYSE; TASE: PRGO), a leading provider of Quality Affordable Self-Care Products, today announced that Rolf A. Classon, Chairman of the Board of Perrigo Company plc, informed the Board that he intends to not stand for re-election to the Company's Board of Directors at its annual general meeting of shareholders in May 2022. Orlando D. Ashford, who joined the Company's Board of Directors in December 2020, is expected to be named to the role of Chairman of the Board of Directors at that same meeting.

Perrigo CEO and President Murray S. Kessler stated, "On behalf of the entire Board and management team, I want to thank Rolf for his dedicated and effective service to the Company since 2017. He is an outstanding Chairman and a remarkable leader. We are especially thankful for his leadership and contributions over the past three years as we have transformed Perrigo into a consumer self-care company."

Mr. Classon said, "I have tremendous optimism for Perrigo's future, with its experienced and well-respected leaders on the Board and in management. It has been a pleasure to serve the Company, shareholders and being part of the significant progress made at the Company."

Mr. Classon, 76, has been a member of the Board since 2017 and was named Chairman in 2018. Mr. Classon's decision to not stand for re-election is not the result of any disagreement with the Company, and he will continue in his role as Chairman until the 2022 annual general meeting. 

Mr. Kessler continued, "Orlando will bring a deep and broad background to the Chairman position of Perrigo having worked for a number of major companies in the consumer industry, including as a C-suite executive. I know Perrigo will continue to benefit from his guidance, insights and tremendous leadership skills once he assumes the role as Chairman after our next annual meeting."

Mr. Ashford noted, ""It has been a privilege being part of one of the most unique global self-care companies in the world. I look forward to continuing to work with Murray and my fellow board members as we further strengthen Perrigo's consumer profile and reputation for excellence. I too want to thank Rolf for his leadership during my tenure."

About Perrigo 

Perrigo Company plc (NYSE; TASE: PRGO) is a leading provider of Quality, Affordable Self-Care Products and over-the-counter (OTC) health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Led by its consumer self-care strategy, Perrigo is the largest store brand OTC player in the U.S. in the categories in which it competes through more than 9,000 SKUs under customer 'own brand' labels. Additionally, Perrigo is a Top 10 OTC company by revenue in Europe, where it markets more than 200 branded OTC products throughout 28 countries. Visit Perrigo online at www.perrigo.com. 

Perrigo Forward-Looking Statements

Certain statements in this press release are "forward-looking statements." These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "forecast," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including: the effect of the novel coronavirus (COVID-19) pandemic and the associated supply chain impacts on the Company's business; general economic, credit, and market conditions; future impairment charges; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company's appeal of the draft and final Notices of Proposed Assessment ("NOPAs") issued by the U.S. Internal Revenue Service and the impact that an adverse result in any such proceedings would have on operating results, cash flows, and liquidity; pending and potential third-party claims and litigation, including litigation relating to the Company's restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NOPAs; potential impacts of ongoing or future government investigations and regulatory initiatives; potential costs and reputational impact of product recalls or sales halts; the impact of tax reform legislation and healthcare policy; the timing, amount and cost of any share repurchases; fluctuations in currency exchange rates and interest rates; the Company's ability to achieve the benefits expected from the sale of its Rx business and the risk that potential costs or liabilities incurred or retained in connection with the transaction may exceed the Company's estimates or adversely affect the Company's business or operations; the consummation and success of the proposed acquisition of HRA and the ability to achieve the expected benefits thereof, including the risk that the parties fail to obtain the required regulatory approvals or to fulfill the other conditions to closing on the expected timeframe or at all, the occurrence of any other event, change or circumstance that could delay the transaction or result in the termination of the securities sale agreement or the risks that the Company's synergy estimates are inaccurate or that the Company faces higher than anticipated integration or other costs in connection with the proposed acquisition; the consummation and success of other announced acquisitions or dispositions, and the Company's ability to realize the desired benefits thereof; and the Company's ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. An adverse result with respect to the Company's appeal of any material outstanding tax assessments or pending litigation, including securities or drug pricing matters, could ultimately require the use of corporate assets to pay such assessments, damages from third-party claims, and related interest and/or penalties, and any such use of corporate assets would limit the assets available for other corporate purposes. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2020, as well as the Company's subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Perrigo Company plc

FAQ

Why is Rolf A. Classon not standing for re-election as Chairman of Perrigo?

Rolf A. Classon has decided not to seek re-election but stated this decision is not due to any disagreements with the Company.

Who will succeed Rolf A. Classon as Chairman of Perrigo?

Orlando D. Ashford, a board member since December 2020, is expected to be named as the new Chairman at the May 2022 meeting.

What impact will Orlando D. Ashford have on Perrigo as Chairman?

Orlando D. Ashford's extensive background in the consumer industry is anticipated to strengthen Perrigo's leadership and strategic direction.

What has been Rolf A. Classon's contribution to Perrigo during his tenure?

Rolf A. Classon has been credited with leading Perrigo through its transformation into a consumer self-care company since his appointment as Chairman in 2018.