CFO Tim G. Guttman to retire from the Company
Group President James F. Cleary, Jr. named CFO
Company Reaffirms Fiscal Year 2018 Guidance
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Sep. 10, 2018--
AmerisourceBergen Corporation (NYSE: ABC) today announced that Tim G.
Guttman, Executive Vice President and Chief Financial Officer, has
decided to retire from the Company. James F. Cleary, Jr., Executive Vice
President and Group President, Global Commercialization Services and
Animal Health, will succeed Guttman as Executive Vice President and
Chief Financial Officer. Guttman will step down as Chief Financial
Officer on November 9, 2018 and continue in an advisory capacity further
into fiscal year 2019 to ensure a smooth transition. All previously
communicated aspects of the Company's fiscal year 2018 financial
guidance and assumptions remain the same.
“Tim has exemplified financial stewardship and humble leadership
throughout his 16 years with the company. I have great respect for Tim’s
energy, dedication and focus on financial performance.” said Steven H.
Collis, Chairman, President and Chief Executive Officer of
AmerisourceBergen. “During his nearly seven-year tenure as CFO, Tim has
been a key partner to me, and the rest of the executive lead team,
supporting the company in delivering a strong track record of financial
results, growth and total shareholder return.”
Cleary joined AmerisourceBergen in February 2015 following the Company’s
acquisition of MWI Veterinary Supply, where he served as chief executive
officer for over a decade, leading MWI through its initial public
offering, many years of growth and ultimate sale to AmerisourceBergen.
Following the acquisition, Cleary served as Executive Vice President &
President, AmerisourceBergen Animal Health for over two years until
taking on responsibility for AmerisourceBergen’s pharmaceutical
commercialization solutions for manufacturers and animal health as
Executive Vice President & Group President, Global Commercialization
Services & Animal Health in June 2017.
“Jim brings more than 20 years of strong leadership and operational
experience and an in-depth knowledge of our business to his new role as
CFO,” Mr. Collis continued. “I feel fortunate to be able to have such an
experienced executive transitioning into the CFO role. His proven track
record of management and execution make him an excellent leader to help
AmerisourceBergen continue to grow as a leading healthcare solutions
provider and drive shareholder return.”
About AmerisourceBergen
AmerisourceBergen provides pharmaceutical products, value-driving
services and business solutions that improve access to care. Tens of
thousands of healthcare providers, veterinary practices and livestock
producers trust us as their partner in the pharmaceutical supply chain.
Global manufacturers depend on us for services that drive commercial
success for their products. Through our daily work—and powered by our
21,000 associates—we are united in our responsibility to create
healthier futures. AmerisourceBergen is ranked #12 on the Fortune 500,
with more than $150 billion in annual revenue. The company is
headquartered in Valley Forge, Pa. and has a presence in 50+ countries.
Learn more at investor.amerisourcebergen.com.
AmerisourceBergen's Cautionary Note Regarding Forward-Looking
Statements
Certain of the statements contained in this press release are
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Words such as “expect,” “likely,” “outlook,” “forecast,” “would,”
“could,” “should,” “can,” “project,” “intend,” “plan,” “continue,”
“sustain,” “synergy,” “on track,” “believe,” “seek,” “estimate,”
“anticipate,” “may,” “possible,” “assume,” variations of such words, and
similar expressions are intended to identify such forward-looking
statements. These statements are based on management’s current
expectations and are subject to uncertainty and change in circumstances.
These statements are not guarantees of future performance and are based
on assumptions that could prove incorrect or could cause actual results
to vary materially from those indicated. Among the factors that could
cause actual results to differ materially from those projected,
anticipated, or implied are the following: unfavorable trends in brand
and generic pharmaceutical pricing, including in rate or frequency of
price inflation or deflation; competition and industry consolidation of
both customers and suppliers resulting in increasing pressure to reduce
prices for our products and services; changes in pharmaceutical market
growth rates; changes in the United States healthcare and regulatory
environment, including changes that could impact prescription drug
reimbursement under Medicare and Medicaid; increasing governmental
regulations regarding the pharmaceutical supply channel and
pharmaceutical compounding; declining reimbursement rates for
pharmaceuticals; federal and state government enforcement initiatives to
detect and prevent suspicious orders of controlled substances and the
diversion of controlled substances; increased public concern over the
abuse of opioid medications; prosecution or suit by federal, state and
other governmental entities of alleged violations of laws and
regulations regarding controlled substances, and any related disputes,
including shareholder derivative lawsuits; increased federal scrutiny
and litigation, including qui tam litigation, for alleged violations of
laws and regulations governing the marketing, sale, purchase and/or
dispensing of pharmaceutical products or services, and associated
reserves and costs, including the reserve recorded in connection with
the proceedings with the United States Attorney’s Office for the Eastern
District of New York; material adverse resolution of pending legal
proceedings; the retention of key customer or supplier relationships
under less favorable economics or the adverse resolution of any contract
or other dispute with customers or suppliers; changes to customer or
supplier payment terms; risks associated with the strategic, long-term
relationship between Walgreens Boots Alliance, Inc. and the Company,
including principally with respect to the pharmaceutical distribution
agreement and/or the global generic purchasing services arrangement;
changes in tax laws or legislative initiatives that could adversely
affect the Company’s tax positions and/or the Company’s tax liabilities
or adverse resolution of challenges to the Company’s tax positions;
regulatory action in connection with the production, labeling or
packaging of products compounded by our compounded sterile preparations
(CSP) business; suspension of production of CSPs; failure to realize the
expected benefits from our reorganization and other business process
initiatives; managing foreign expansion, including non-compliance with
the U.S. Foreign Corrupt Practices Act, anti-bribery laws and economic
sanctions and import laws and regulations; declining economic conditions
in the United States and abroad; financial market volatility and
disruption; substantial defaults in payment, material reduction in
purchases by or the loss, bankruptcy or insolvency of a major customer;
the loss, bankruptcy or insolvency of a major supplier; changes to the
customer or supplier mix; malfunction, failure or breach of
sophisticated information systems to operate as designed; risks
generally associated with data privacy regulation and the international
transfer of personal data; natural disasters or other unexpected events
that affect the Company’s operations; the impairment of goodwill or
other intangible assets (including with respect to foreign operations),
resulting in a charge to earnings; the acquisition of businesses that do
not perform as expected, or that are difficult to integrate or control,
including the integration of H. D. Smith and PharMEDium, or the
inability to capture all of the anticipated synergies related thereto or
to capture the anticipated synergies within the expected time period;
the effects of disruption from the transactions on the respective
businesses of the Company and H. D. Smith and the fact that the
transactions may make it more difficult to establish or maintain
relationships with employees, suppliers, customers and other business
partners; the disruption of the Company’s cash flow and ability to
return value to its stockholders in accordance with its past practices;
interest rate and foreign currency exchange rate fluctuations; and other
economic, business, competitive, legal, tax, regulatory and/or
operational factors affecting the Company’s business generally. Certain
additional factors that management believes could cause actual outcomes
and results to differ materially from those described in forward-looking
statements are set forth (i) in Item 1A (Risk Factors) in the Company’s
Annual Report on Form 10-K for the fiscal year ended September 30, 2017
and elsewhere in that report and (ii) in other reports filed by the
Company pursuant to the Securities Exchange Act.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180910005887/en/
Source: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Bennett Murphy
Vice
President, Investor Relations
610-727-3693
bmurphy@amerisourcebergen.com