VALLEY FORGE, Pa.--(BUSINESS WIRE)--May 9, 2008--AmerisourceBergen
Corporation (NYSE:ABC) today announced a more streamlined
organizational structure designed to drive increased efficiency and
effectiveness and better position the Company to continue to achieve
its long-term financial goals.
"To continue meeting the challenges of an ever changing
pharmaceutical environment, AmerisourceBergen needs the infrastructure
and cost structure that allows the Company to compete as the most
efficient and effective operating company in our industry," said R.
David Yost, AmerisourceBergen President and Chief Executive Officer.
"It is with that singular focus that we are further integrating our
organization."
The organizational changes, effective immediately are as follows:
-- Michael D. DiCandilo, Executive Vice President and Chief
Financial Officer of AmerisourceBergen, expands his
responsibilities with the added position of Chief Operating
Officer for AmerisourceBergen Drug Corporation (ABDC) and
continues to report directly to Yost. The ABDC functions
reporting to DiCandilo in his new role as ABDC Chief Operating
Officer are Supply Chain Management; Operations, including the
distribution network; and Financial Operations, which
previously reported to him. Yost continues to lead ABDC and
continues to have the executives leading sales and marketing
reporting to him.
-- Steven H. Collis, Executive Vice President of
AmerisourceBergen and President, AmerisourceBergen Specialty
Group (ABSG), expands his responsibilities to include
supervision of PMSI, the Company's workers' compensation
business. Steve continues his responsibilities for helping
shape the policy and strategy of ABC and for more closely
integrating ABSG across AmerisourceBergen. He continues to
report directly to Yost.
-- Terrance P. Haas, Executive Vice President of
AmerisourceBergen and Chief Integration Officer, has left the
Company to pursue other interests. Said Yost, "Terry has made
an extraordinary contribution to AmerisourceBergen. He played
a key role in the integration of the legacy companies to
create AmerisourceBergen; successfully provided leadership for
ABDC after integration was well on its way to successful
completion; and provided critical leadership to the launch of
our Business Transformation effort. I will miss Terry both
professionally and personally."
-- Thomas H. Murphy, Senior Vice President and Chief Information
Officer, expands his responsibilities to include the
leadership of Business Transformation, the Company's
multi-year process improvement project, which includes design
of an ERP (Enterprise Resource Planning) system for ABDC and
the Corporation. Yost continues his executive leadership of
Business Transformation. Murphy continues to report directly
to DiCandilo.
AmerisourceBergen is one of the world's largest pharmaceutical
services companies serving the United States, Canada and selected
global markets. Servicing both pharmaceutical manufacturers and
healthcare providers in the pharmaceutical supply channel, the Company
provides drug distribution and related services designed to reduce
costs and improve patient outcomes. AmerisourceBergen's service
solutions range from pharmacy automation and pharmaceutical packaging
to reimbursement and pharmaceutical consulting services. With more
than $66 billion in annual revenue, AmerisourceBergen is headquartered
in Valley Forge, PA, and employs approximately 11,200 people.
AmerisourceBergen is ranked #28 on the Fortune 500 list. For more
information, go to www.amerisourcebergen.com.
FORWARD-LOOKING STATEMENTS
This news release may contain certain "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. These statements
are based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained in the forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from those described in any
forward-looking statements: changes in pharmaceutical market growth
rates; competitive pressures; the loss of one or more key customer or
supplier relationships; changes in customer mix; customer or supplier
defaults or insolvencies; changes in pharmaceutical manufacturers'
pricing and distribution policies or practices; adverse resolution of
any contract or other disputes with customers (including departments
and agencies of the U.S. Government) or suppliers; regulatory changes
(including increased government regulation of the pharmaceutical
supply channel); government enforcement initiatives (including (i) the
imposition of increased obligations upon pharmaceutical distributors
to detect and prevent suspicious orders of controlled substances (ii)
the commencement of further administrative actions by the U. S. Drug
Enforcement Administration seeking to suspend or revoke the license of
any of the Company's distribution facilities to distribute controlled
substances, (iii) the commencement of any enforcement actions by any
U.S. Attorney alleging violation of laws and regulations regarding
diversion of controlled substances and suspicious order monitoring),
or (iv) the commencement of any administrative actions by the board of
pharmacy of any state seeking to suspend, revoke or otherwise restrict
the ability of any of the Company's distribution facilities or
businesses to distribute or dispense pharmaceuticals in such state;
changes in U.S. government policies (including reimbursement changes
arising from federal legislation, including the Medicare Modernization
Act and the Deficit Reduction Act of 2005); changes in regulatory or
clinical medical guidelines, reimbursement practices and/or labeling
for the pharmaceuticals we distribute, including
erythropoiesis-stimulating agents (ESAs) used to treat anemia
patients; price inflation in branded pharmaceuticals and price
deflation in generics; fluctuations in market interest rates;
operational or control issues arising from the Company's outsourcing
of information technology activities; success of integration,
restructuring or systems initiatives; fluctuations in the U.S. dollar
- Canadian dollar exchange rate and other foreign exchange rates;
economic, business, competitive and/or regulatory developments in
Canada, the United Kingdom and elsewhere outside of the United States;
acquisition of businesses that do not perform as we expect or that are
difficult for us to integrate or control; any disruption to or other
adverse effects upon the PMSI workers' compensation business caused by
the Company's decision to terminate its previously-announced sale
process for PMSI; further declines in PMSI's performance due to
further customer losses, reimbursement reductions and/or competitive
pressures; the inability of the Company to successfully undertake
profit improvement initiatives and other measures to improve PMSI's
performance; the inability of the Company to successfully complete any
other transaction that the Company may wish to pursue from time to
time; changes in tax legislation or adverse resolution of challenges
to our tax positions; and other economic, business, competitive,
legal, tax, regulatory and/or operational factors affecting the
business of the Company 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, 2007 and elsewhere
in that report and (ii) in other reports filed by the Company pursuant
to the Securities Exchange Act of 1934.
CONTACT: AmerisourceBergen Corporation
Michael N. Kilpatric, 610-727-7118
mkilpatric@amerisourcebergen.com
SOURCE: AmerisourceBergen Corporation