Endo implements CEO succession plan
Endo International announced that Paul Campanelli, president and CEO has notified the board of directors of his intention to retire. The board is implementing its CEO succession plan.
Campanelli has been appointed chairman of the board effective immediately and will also continue to serve as president and CEO until his successor is appointed.
Roger Kimmel, who has served as chairman of the board, has been appointed senior independent director.
Kimmel replaces Sharad Mansukani, who is resigning from the board due to other commitments, including his recent appointment as chairman of the board of another company.
The board is launching a process to identify Campanelli's successor. Campanelli will be actively involved in that process and will help facilitate a smooth transition. In addition, he will continue to serve as chairman of the board following the appointment of his successor.
"Over the last three years, we have been laser-focused on executing our strategy to simplify our business, drive productivity improvements and leverage our culture as a differentiator, which has led to strong operating performance despite a challenging external environment," Campanelli said. "I am proud of what the Endo team has accomplished, and I am confident we have positioned the company for long-term growth and success. I will continue to be actively involved in my new role as chairman and look forward to working with the board to select a new CEO who shares our mission and who will look to build on our momentum."
"Paul has left an indelible mark of superior performance and leadership on Endo, and we are grateful for his service as president and CEO," said Kimmel. "Paul's decisive leadership, personal style and unwavering focus have led to strong operating performance at a time of volatility in our industry which has benefited all of Endo's stakeholders. We are thrilled to be able to retain Paul's expertise going forward in his new role as chairman of the board."