Actavis appoints Claudio Albrecht CEO
Reykjavik, Iceland, 23 June 2010 - Actavis Group, the international generic pharmaceuticals company, today announced the appointment of former Ratiopharm leader Dr. Claudio Albrecht as its new CEO.
Dr. Claudio Albrecht has been appointed as CEO of Actavis, with immediate effect. He has over 20 years of experience in the generics industry, having started his career with Sandoz in 1987 where he went on to serve as a Managing Director in the Netherlands, Germany and the US. In 2000 he joined Ratiopharm as global CEO during which time the company doubled sales and became the world's third largest generic company (by revenues). In 2008 Dr. Albrecht established Cometh, a consultancy that has advised pharmaceutical companies on their growth strategies, including Actavis. Dr. Albrecht is 51 years old, an Austrian citizen and holds a PhD in law.
Having led the successful restoration of Actavis' US business and a turnaround in critical markets, Sigurdur Oli Olafsson is standing down as CEO. His departure follows seven years in senior management roles during which time Actavis has grown exponentially to become one of the world's leading generics companies.
Following a number of acquisitions over the last decade, Actavis' senior management is currently spread across five different countries. A search is underway to find a central location where the senior team can be based in one place. Iceland will remain a key site for manufacturing, research & development and Medis, the third-party sales division.
Thor Bjorgolfsson, founder and chairman Actavis Group, said:
"I am delighted that we have attracted someone of Dr. Claudio Albrecht's calibre to Actavis. I am certain that the Group will benefit considerably from his extensive leadership qualities. His experience and determination will help drive future growth in our great company. I would like to thank Sigurdur Oli Olafsson for his pivotal role in keeping Actavis a strong and robust company through difficult years."
Sigurdur Oli Olafsson said:
"Despite the economic turbulence of the last few years, Actavis has continued to grow and significantly strengthen its performance in key markets, including the US. I want to thank all the Actavis employees I've worked with over the last seven years and I wish Claudio the best of success in his role."
Dr. Claudio Albrecht said:
"I am very pleased to be joining a Group that is so well positioned for the future. Actavis has one of the best R&D pipelines in the industry, but we still need to grow our market presence in many of the big markets. Strong geographic expansion and better market penetration, especially in southern Europe and the emerging markets, will be our goal for the future. I am looking forward to the challenges ahead and working with my new colleagues and building our future together."
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Actavis Group Financial Dynamics (London)
Hjordis Arnadottir Charles Armitstead
Tel: +354 535 2300 / +354 840 7476 Tel: +44 7703 330 269
E-mail: [email protected]
About Actavis Group
Actavis is one of the world's leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. The company has operations in 40 countries, with 10,000 employees. For further information on Actavis Group, please visit www.actavis.com
Any statements contained in this press release that refer to Actavis' estimated or anticipated future results or future activities are forward-looking statements which reflect the Company's current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions, the success of new products, the strength of competition, the success of research and development issues, unexpected contract breaches or terminations, exposure to product liability and other lawsuits, the effect of currency fluctuations and other factors.