DUBLIN--(BUSINESS WIRE)--
Covidien
(NYSE:COV) today announced nominees to the future board of directors of
Mallinckrodt plc as Mallinckrodt prepares to become a separate,
independently traded company in mid-2013. It is expected that eight of
the nine nominees will be determined to be independent directors, in
accordance with the listing standards of the New York Stock Exchange.
The service of all directors is expected to become effective upon the
distribution of Mallinckrodt ordinary shares to Covidien shareholders.
Mallinckrodt develops, manufactures, markets and distributes both
branded and generic specialty pharmaceuticals, diagnostic imaging agents
and active pharmaceutical ingredients, which are sold to other
pharmaceutical companies for use in the manufacture of generic
pharmaceuticals. Mallinckrodt's products are found in almost every
hospital, standalone diagnostic imaging center or pharmacy in the U.S.
With sales in 2012 of $2 billion, Mallinckrodt employs more than 5,300
people worldwide.
Covidien named the following nominees to serve on the Mallinckrodt board
of directors:
Melvin D. Booth, 67, will be named Chairman
of the Board. Mr. Booth is currently a director of Catalent Pharma
Solutions, PRA International and eResearch Technologies and is a
strategic advisor in life sciences to Genstar Capital. Mr. Booth's
previous public company board experience includes serving as lead
director of Millipore, a life science research company, and as a member
of the boards of MedImmune and Human Genome Sciences. Mr. Booth was
President of MedImmune from 1998 until his retirement in 2003. Prior to
joining MedImmune, Mr. Booth served as President of Human Genome
Sciences and held a variety of domestic and international positions with
Syntex, including President of its U.S. pharmaceuticals business. He has
been active in U.S. pharmaceutical industry organizations and is a past
Chairman of the Pharmaceuticals Manufacturers Association of Canada. Mr.
Booth received a Bachelor of Science in accounting from Northwest
Missouri State University, where he also was awarded an honorary Doctor
of Science. He is a Certified Public Accountant.
Mark C. Trudeau, 51, joined Covidien in
February 2012 as Senior Vice President and President of the
Pharmaceuticals business. Upon separation, Mr. Trudeau will become
President, Chief Executive Officer and a director of Mallinckrodt plc.
He joined Covidien from Bayer HealthCare LLC USA, the U.S. healthcare
business of Bayer AG, where he served as Chief Executive Officer and
simultaneously served as President of Bayer HealthCare Pharmaceuticals,
the U.S. organization of Bayer's global Pharmaceuticals business. Prior
to joining Bayer, he headed the Immunoscience Division at Bristol-Myers
Squibb where he also held multiple senior roles, including President of
the Asia/Pacific region, President and General Manager of Canada and
General Manager/Managing Director in the United Kingdom. Mr. Trudeau
also has previously worked at Abbott Laboratories, Eli Lilly & Co. and
E.I. DuPont De Nemours, Inc. He holds a bachelor's degree in chemical
engineering and an M.B.A., both from the University of Michigan.
David R. Carlucci, 58, was Chairman and
Chief Executive Officer of IMS Health until his retirement in December
2010. Previously, he also served as President and Chief Operating
Officer of IMS Health. Prior to joining IMS Health, Mr. Carlucci held
several senior executive level positions at IBM, including operations
and management positions in the U.S., Canada, Latin America and Asia
Pacific. He is currently a director of MasterCard International and has
served as a member of the advisory board of Mitsui USA. Mr. Carlucci
received a Bachelor of Arts in political science from the University of
Rochester (New York).
J. Martin Carroll, 63, is the head of
corporate strategy and development for Boehringer Ingelheim's U.S.
operations and is a director of Boehringer Ingelheim Corporation. Prior
to his current role, he served as President and Chief Executive Officer
of Boehringer Ingelheim Corporation and of Boehringer Pharmaceuticals,
Inc. Mr. Carroll joined the organization in 2002 as President of
Boehringer Pharmaceuticals, Inc., having worked previously at Merck &
Company. Mr. Carroll received a Bachelor of Arts in accounting &
economics from the College of the Holy Cross (Massachusetts) and an
M.B.A. from Babson College (Massachusetts).
Diane H. Gulyas, 56, has worked at E. I. du
Pont de Nemours and Company since 1978 and has been the President of
DuPont's Performance Polymers division since 2009. She is also the Vice
Chairman of the DuPont-Teijin Films global joint venture. She previously
served as a director of Navistar International Corporation. Ms. Gulyas
received her Bachelor of Science in chemical engineering from the
University of Notre Dame (Indiana).
Nancy S. Lurker, 55, is Chief Executive
Officer and a director of PDI Inc. Prior to joining PDI in 2008, Ms.
Lurker served as Senior Vice President and Chief Marketing Officer of
Novartis Pharmaceuticals Corporation and was President and Chief
Executive Officer of ImpactRx, Inc. Ms. Lurker also served as Group Vice
President-Global Primary Care Products for Pharmacia Corporation, after
beginning her career at Bristol-Myers Squibb. Ms. Lurker serves as a
director of Auxilium Corporation and was previously a director of
ConjuChem Biotechnologies, Inc. and Elan Corporation. Ms. Lurker
received a Bachelor of Science magna cum laude in biology from Seattle
Pacific University (Washington) and an M.B.A. from the University of
Evansville (Indiana).
JoAnn A. Reed, 57, is a health care
services consultant. Ms. Reed served as an advisor to the Chief
Executive Officer of Medco Health Solutions from April 2008 to April
2009. Previously, Ms. Reed served as Senior Vice President, Finance and
Chief Financial Officer and as Senior Vice President, Finance of Medco
Health Solutions. She joined Medco Containment Services, Inc. in 1988.
Ms. Reed is currently a director of American Tower Corporation, Waters
Corporation and a trustee of St. Mary's College of Notre Dame. Ms. Reed
received a Bachelor of Business Administration from St. Mary's College
(Indiana). She received her M.B.A. in finance and international
marketing cum laude from Fordham University (New York).
Kneeland C. Youngblood, M.D., 57, is a
founding partner of Pharos Capital Group, a private equity firm that
focuses on providing growth and expansion capital/buyouts in healthcare,
business services and opportunistic investments. Dr. Youngblood is a
director of Energy Future Holdings Corp. and previously served as a
director of iStar Financial, Starwood Hotels and Resorts, Burger King
Corporation and the Gap Inc. Dr. Youngblood is a physician by training,
with more than 15 years of experience in emergency medicine. He is also
a member of the Council on Foreign Relations. Dr. Youngblood earned a
Bachelor of Arts in politics from Princeton University (New Jersey) and
an M.D. from the University of Texas Southwestern Medical School.
Joseph A. Zaccagnino, 66, has been a
director of Covidien since it became a public company in 2007. He served
as President, Chief Executive Officer and director of Yale New Haven
Health System and its flagship Yale-New Haven Hospital from 1991 until
his retirement in 2005. Mr. Zaccagnino was previously a director of
NewAlliance Bancshares, Inc. and was Chairman of the Board of the
National Committee for Quality Healthcare and of VHA Inc. Mr. Zaccagnino
received a Bachelor of Science in business administration from the
University of Connecticut and a Master of Public Health in healthcare
management from Yale University School of Medicine (Connecticut).
About Covidien
Covidien is a leading global healthcare products company that creates
innovative medical solutions for better patient outcomes and delivers
value through clinical leadership and excellence. Covidien manufactures,
distributes and services a diverse range of industry-leading product
lines in three segments: Medical Devices, Pharmaceuticals and Medical
Supplies. With 2012 revenue of $11.9 billion, Covidien has 43,000
employees worldwide in 70 countries, and its products are sold in over
140 countries. Please visit www.covidien.com
to learn more about our business.
Mallinckrodt, the Pharmaceuticals business of Covidien, is a vertically
integrated leader in providing products used in diagnostic procedures
and in the treatment of pain and related conditions. The company is a
leading supplier of opioid pain medications in the U.S. and a leading
manufacturer of active pharmaceutical ingredients. It is also the
largest U.S. supplier of the medical isotope technetium-99m and an
industry leader in radiopharmaceuticals and contrast media and delivery
systems. Sales in 2012 were $2.0 billion. Please visit www.mallinckrodt.com
to learn more about our business.
FORWARD-LOOKING STATEMENTS
Any statements contained in this communication that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to, statements
about the separation of the Pharmaceuticals business from the Company,
the terms and the effect of the transaction (including as to tax
consequences) and the conditions to completion of the transaction.Any
forward-looking statements contained herein are based on our
management's current beliefs and expectations, but are subject to a
number of risks, uncertainties and changes in circumstances, which may
cause actual results or Company actions to differ materially from what
is expressed or implied by these statements. The factors that could
cause actual future results to differ materially from current
expectations include, but are not limited to, our ability to effectively
introduce and market new products or keep pace with advances in
technology, the reimbursement practices of a small number of large
public and private insurers, cost-containment efforts of customers,
purchasing groups, third-party payors and governmental organizations,
intellectual property rights disputes, complex and costly regulation,
including healthcare fraud and abuse regulations and the Foreign Corrupt
Practices Act, manufacturing or supply chain problems or disruptions,
rising commodity costs, recalls or safety alerts and negative publicity
relating to Covidien or its products, product liability losses and other
litigation liability, divestitures of some of our businesses or product
lines, our ability to execute strategic acquisitions of, investments in
or alliances with other companies and businesses, competition, risks
associated with doing business outside of the United States, foreign
currency exchange rates, environmental remediation costs and
unanticipated developments that may prevent, delay, alter the terms of
or otherwise negatively affect the planned spin-off. These and other
factors are identified and described in more detail in our Annual Report
on Form 10-K for the fiscal year ended September 28, 2012, and in
subsequent filings with the SEC, as well as the "Risk Factors" section
of the Form 10 Registration Statement.Further, there can be no
assurance as to the timing of the contemplated spin-off, or whether it
will be completed. We disclaim any obligation to update these
forward-looking statements other than as required by law.
Source: Covidien