Hospira Inc. (HSP) Chief Executive Christopher B. Begley plans
to retire from the maker of medical devices and injectable drugs
once a successor is selected.
Another company veteran, Chief Operating Officer Terrence C.
Kearney, plans to retire by year's end. Supply-chain executive
James H. Hardy will be named to the new role of senior vice
president operations and work with Kearney to manage the
transition.
Lead independent director Irving W. Bailey said, "We have
anticipated and planned for these transitions. Chris and Terry have
made significant contributions to the growth of the company and the
creation of shareholder value over the past six years, and they
have established a strong organization to build upon Hospira's
success."
Begley has been CEO since Hospira's 2004 spinoff from Abbott
Laboratories (ABT). He is credited with doubling the company's
geographic footprint, revenue outside the U.S. and its market
capitalization during his tenure. Begley will remain chairman.
A search committee for his successor has been formed and will
focus on "external candidates with strong health-care backgrounds
and proven experience leading large multinational companies."
Hospira last month reported its second-quarter profit more than
tripled on fewer charges and as revenue and margins improved.
Shares closed Thursday at $52.15 and were inactive premarket.
The stock is up 30% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;