Thomas F. Ackerman, Corporate Executive Vice President & Chief Financial Officer, Announces Planned Retirement in 2016
David R. Smith Will Transition to Chief Financial Officer Role
Dr. Emily Hickey and Dr. Katherine Hilyard Promoted to New Leadership Positions in Discovery Services
WILMINGTON, Mass.--Charles River Laboratories International, Inc. (NYSE: CRL) today announced planned management changes which will be implemented over the course of 2015.
Chief Financial Officer Transition Plan
Thomas F. Ackerman, Corporate Executive Vice President and Chief Financial Officer, has announced that following a transition period, he will retire from Charles River Laboratories in February 2016. Mr. Ackerman joined Charles River in 1988, with over a decade of combined public accounting and international finance experience. He became Vice President and Chief Financial Officer in 1996 and was elevated to his current position in 2005. Mr. Ackerman's planned departure from the company will allow sufficient time for a seamless transition of his global responsibilities to a highly qualified successor who has already been identified. Mr. Ackerman has also agreed to provide periodic consulting services during the one-year period following his retirement, allowing us to draw on his knowledge and experience.
James C. Foster, Chairman, President and Chief Executive Officer, commented, "Under Tom's leadership, we have built a strong and deep finance team which has been instrumental in enabling us to facilitate the Company's growth. We are grateful that Tom has provided us with the time required to plan for a seamless transition of his responsibilities and the ability to access his extensive knowledge after he retires. We thank Tom for his many years of dedicated service to Charles River."
David R. Smith, Corporate Senior Vice President, Global Discovery Services, has been named as Mr. Ackerman's successor. Mr. Smith joined Charles River through our acquisition of Argenta and BioFocus from Galapagos NV, where he was serving as Chief Executive Officer of its Galapagos Services division. Mr. Smith spent eight years at PricewaterhouseCoopers prior to joining AstraZeneca in 1997, where he spent the next nine years in various finance and business roles of increasingly greater responsibility. After leaving AstraZeneca, Mr. Smith served as the Chief Financial Officer of Galapagos NV before becoming Chief Financial Officer for Cambridge University Hospitals, where he served in that capacity for six years, from 2007 to 2013. Mr. Smith's proven business, finance, and leadership experience make him an ideal choice to assume Mr. Ackerman's responsibilities over the course of 2015.
Global Discovery Services Transition Plan
Once Mr. Smith assumes the Corporate Executive Vice President and Chief Financial Officer role, Dr. Emily Hickey will be promoted to the position of Corporate Senior Vice President, Global Discovery Services. Dr. Hickey is an experienced drug discovery executive with a proven track record for establishing and leading successful global discovery businesses. Before joining Charles River, Dr. Hickey was the Executive Director of In VivoPharmacology at Merck Research Labs, leading the development and implementation of the externalization strategy for in vivo studies. Most recently, Dr. Hickey has served as Corporate Vice President, In Vivo Discovery, overseeing our in vivo discovery businesses in the United States and Europe. Dr. Katherine Hilyard, Managing Director, BioFocus DPI Ltd., will be promoted to the position of Corporate Vice President, Early Discovery, and will assume responsibility for the Argenta, BioFocus, and ChanTest businesses, which comprise our Early Discovery business.
"These executive appointments highlight the strength of our management bench. David, Emily, and Kate are proven executives who have demonstrated outstanding leadership, with the vision to drive the Company's growth. I look forward to working collaboratively with these senior leaders as we expand our portfolio and enhance our position as the strategic partner of choice for early-stage drug research," Mr. Foster concluded.
Caution Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "will," "may," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements regarding our future management structure. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 17, 2015, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this news release except as required by law.
About Charles River
Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.