Hospira, Abbott Laboratories' Soon-to-Be-Launched Hospital Products Company, Announces Board of Directors
15 Abril 2004 - 11:17AM
PR Newswire (US)
Hospira, Abbott Laboratories' Soon-to-Be-Launched Hospital Products
Company, Announces Board of Directors -- Board's Diverse Expertise
Will Help Build Hospira Into a Successful Independent Company --
ABBOTT PARK, Ill., April 15 /PRNewswire-FirstCall/ -- Hospira,
Inc., the global specialty pharmaceutical and medication delivery
company that will be spun off from Abbott Laboratories, today
announced its future board of directors. Hospira common stock is
expected to begin trading on May 3, 2004, on the New York Stock
Exchange under the symbol "HSP". Hospira's seven board members
together bring decades of in-depth business insight and outstanding
leadership qualities to the new company. As previously announced,
the board will be led by David A. Jones, 72, co-founder and
chairman of Humana Inc., and named chairman of Hospira; and
Christopher B. Begley, 52, currently senior vice president,
hospital products, Abbott Laboratories, and named Hospira's chief
executive officer and a director. Jones' experience in the
healthcare industry includes leading Humana, one of the nation's
largest publicly traded health benefits companies, from its
inception. He has served as chairman of the board of Humana since
the company's founding in 1961 and assumed responsibility as
Humana's first chief executive officer until his retirement in
1997. Begley's work in the hospital industry spans three decades
and includes nearly 20 years at Abbott, most recently serving as
president of Abbott's Hospital Products Division. Joining Jones and
Begley as part of the Hospira board will be: -- Joel T. Allison,
president and chief executive officer of Baylor Health Care System
in Dallas, and fellow of the American College of Healthcare
Executives. Allison, 56, serves on the board of many healthcare and
community organizations, including the American Hospital
Association Healthcare Systems Governing Council, Health Careers
Foundation, National Committee for Quality Health Care, Healthcare
Leadership Council, Texas Hospital Association, Greater Dallas
Chamber and the United Way of Metropolitan Dallas. -- Irving W.
Bailey, II, managing director of Chrysalis Ventures, a private
equity management firm. Bailey, 62, is past chief executive officer
of Providian Corporation, a Fortune 200 insurance and diversified
financial services company; and past president of Bailey Capital
Corporation, a private equity management firm. Bailey also serves
as director of Computer Sciences Corporation. -- Connie R. Curran,
R.N., Ed. D., executive director of the National Dialogue on Cancer
and a director of CardioDynamics International Corp. and IDX
Systems Corporation. Dr. Curran, 56, previously was president of
Cardinal Health Consulting Services, a consulting company with
expertise in surgical services, hospital operations and case
management, and home care; vice president of the American Hospital
Association; and dean of the Medical College of Wisconsin. --
Jacque J. Sokolov, M.D., chairman and senior partner of Sokolov,
Sokolov, Burgess, a national healthcare management consulting,
project development and investment firm. Dr. Sokolov, 49,
previously served as vice president of healthcare for Southern
California Edison Corporation and chairman of the board of
directors for Coastal Physician Group, Inc., which later became
PhyAmerica Physician Group, Inc. He also serves as a director of
MedCath, the National Business Group on Health, and the National
Health Foundation. -- John C. Staley, chairman of the board of
trustees of DePaul University and trustee of CenterPoint Properties
Trust, a real estate investment trust. Staley, 62, also is a
director of eLoyalty Corporation, a management consulting firm, and
is a retired area managing partner of the Ernst & Young LLP's
Lake Michigan Area. Hospira board members will officially assume
their responsibilities when the company becomes independent from
Abbott. The board will include three committees -- executive, audit
and public policy, and nominations and compensation. "The directors
on Hospira's board each bring exceptional business insight, a high
level of integrity and unique business experiences," said Jones. "I
am very pleased to join forces with the new leadership -- and its
proven track record of success -- to help launch the company and
nurture our shared commitment to achievement and building
shareholder value." "Our new board of directors will play an
integral role as Hospira builds its future from a strong foundation
as one of the largest manufacturers of hospital products in the
United States," said Begley. "Our priority is to ensure that the
company continues to provide differentiated value and service to
our customers while delivering long-term shareholder value through
clearly focused business strategies." Hospira Stock Distribution
Abbott Laboratories announced on April 12, 2004, that its board of
directors declared a special dividend distribution of all of the
outstanding shares of common stock of Hospira. For every 10 shares
of Abbott common shares held, Abbott shareholders will receive one
share of Hospira stock. No fractional shares of Hospira will be
issued; shareholders will receive cash in lieu of fractional
shares. The special dividend distribution is expected to be paid on
April 30, 2004, to Abbott shareholders of record as of the close of
business on April 22, 2004. About Hospira Hospira will be a global
specialty pharmaceutical and medication delivery company dedicated
to Advancing Wellness(TM) by developing, manufacturing and
marketing products that help improve the safety and efficacy of
patient care. Created from the core global hospital products
business of Abbott Laboratories, Hospira will be a company with 70
years of service to the hospital industry. The company's portfolio
will include the industry's broadest line of acute-care
injectables, integrated solutions for medication management and
infusion therapy, and a full-service contract manufacturing
business. Having approximately $2.5 billion in annual sales,
Hospira will be headquartered in Lake Forest, Ill., north of
Chicago, and have more than 14,000 employees and 14 manufacturing
facilities worldwide. About Abbott Laboratories Abbott Laboratories
(NYSE:ABT) is a global, broad-based health care company devoted to
the discovery, development, manufacture and marketing of
pharmaceuticals and medical products, including nutritionals,
devices and diagnostics. The company employs more than 70,000
people and markets its products in more than 130 countries.
Abbott's news releases and other information about Hospira can be
found at http://www.abbott.com/ . Private Securities Litigation
Reform Act of 1995 - A Caution Concerning Forward-Looking
Statements Some statements in this news release may be
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995. Abbott 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, technological and other factors that may affect
Abbott's operations are discussed in the attached questions and
answers section and in Exhibit 99.1 of our Securities and Exchange
Commission 2003 Form 10-K, and are incorporated by reference.
Forward-looking statements in this press release should also be
evaluated together with the disclosure regarding Hospira contained
in the Risk Factors section of Hospira's Form 10 Registration
Statement filed on April 8, 2004. Abbott and Hospira undertake no
obligation to release publicly any revisions to forward-looking
statements as the result of subsequent events or developments.
DATASOURCE: Hospira, Inc. CONTACT: Media, Stacey Eisen,
+1-847-935-2828, or Tareta Adams, +1-847-938-4310, or Financial
Community, John Thomas, +1-847-938-2655, all of Abbott Laboratories
Web site: http://www.abbott.com/ Company News On-Call:
http://www.prnewswire.com/comp/110328.html
Copyright