LAKE FOREST, Ill., Dec. 7, 2011 /PRNewswire/ -- The board of
directors of Hospira, Inc. (NYSE: HSP), the world's leading
provider of injectable drugs and infusion technologies, today
announced that Christopher B.
Begley, 59, will retire as executive chairman effective
Jan. 3, 2012. At that time,
John C. (Jack) Staley, 70, a
founding director of the company's board and currently its lead
director, will be appointed non-executive chairman.
These moves are part of the board's disciplined succession
process, which included the appointment of F. Michael Ball as the
company's chief executive officer (CEO), succeeding Mr. Begley
earlier this year. In his role as executive chairman, Mr. Begley
helped ensure continuity of leadership and a seamless transition of
his CEO responsibilities.
"On behalf of the board and Hospira's 14,000 employees, I want
to thank Chris for his leadership, unparalleled dedication and
countless contributions to Hospira," said Mr. Staley. "As the
company's founding CEO, Chris oversaw Hospira's 2004 spin-off from
Abbott Laboratories, drove the development of the company's
business strategies and guiding principles, and established strong
fundamentals for its future growth."
Added Mr. Ball, "I'd like to express my personal gratitude to
Chris for his tremendous support and wise counsel during the
transition and for his pioneering efforts in building a company
that makes a real difference in healthcare today – a company
uniquely positioned to increase patient and caregiver safety, while
reducing unsustainably high costs. Looking ahead, I'm excited to
partner with Jack, the board and our dedicated Hospira team as we
continue to drive quality enhancements throughout the organization,
capitalize on our exceptional growth potential and deliver value to
our customers and shareholders."
Commenting on his retirement, Mr. Begley said, "Launching
Hospira as an independent company has been the most rewarding
experience of my three decades in healthcare, and I will greatly
miss working with Hospira's talented and committed employees to
advance wellness for our stakeholders around the globe. Under
Mike's leadership as CEO and Jack's direction as chairman, I'm more
confident than ever in the company's bright future and ability to
achieve new levels of growth and success."
With Mr. Begley's retirement and Mr. Staley's appointment, the
Hospira board will have 10 directors, all of whom are independent
with the exception of Mr. Ball.
About John C. Staley
Mr. Staley has been a Hospira director since the company's
inception in 2004 and its lead independent director since
May 2011, bringing deep and diverse
leadership experience and a proven track record of success. He is a
member of the Governance and Public Policy Committee, and Science,
Technology and Quality Committee, as well as the former chair of
the Audit Committee, of which he is an ex-officio member. Mr.
Staley is also a member and former chairman of the board of
trustees of DePaul University; a director of eLoyalty Corporation,
a management consulting firm; and a director of Nicor, Inc., a
holding company whose main subsidiary is Nicor Gas, a natural gas
distribution company. Mr. Staley also serves on the board of Nicor
Gas. He is a retired managing partner of the Ernst & Young
LLP's Lake Michigan Area, a
position he held from 1985 until his retirement in June 2001. Mr. Staley earned a bachelor's degree
in accounting from Holy Cross College
and a law degree from DePaul
University. He also completed Harvard
Business School's Advanced Management Program.
About Hospira
Hospira, Inc. is the world's leading provider of injectable
drugs and infusion technologies. Through its broad, integrated
portfolio, Hospira is uniquely positioned to Advance Wellness™ by
improving patient and caregiver safety while reducing healthcare
costs. The company is headquartered in Lake Forest, Ill., and has approximately
14,000 employees. Learn more at www.hospira.com.
Private Securities Litigation Reform Act of 1995 -
A Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Hospira cautions that these forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those indicated in the forward-looking
statements. Economic, competitive, governmental, regulatory, legal,
technological and other factors that may affect Hospira's
operations and may cause actual results to be materially different
from expectations include the risks, uncertainties and factors
discussed under the headings "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in Hospira's latest Annual Report on Form 10-K and
subsequent Forms 10-Q filed with the Securities and Exchange
Commission, which are incorporated by reference. Hospira undertakes
no obligation to release publicly any revisions to forward-looking
statements as the result of subsequent events or
developments.
SOURCE Hospira, Inc.