- Chairman and CEO Donald E. Morel, Jr. to Retire at 2015 Annual Meeting
- Company Commences Search for Successor; Updates 2014 Outlook
West Pharmaceutical Services, Inc. (NYSE: WST), a global leader in innovative drug packaging and administration systems, said today that Donald E. Morel, Jr., Ph.D., Chairman of the Board and Chief Executive Officer, has announced his intention to retire at the Company's Annual Meeting in May 2015. The West Board of Directors has retained Russell Reynolds Associates, a leading executive search firm, to launch a comprehensive search to identify Dr. Morel's successor.
Dr. Morel said, "It has been a privilege to lead West these past 12 years. My time at West has been extremely rewarding on both a personal and professional level. When I step down next May, I will sincerely miss my West colleagues around the world that have worked so diligently to contribute to our Company's success. With our Company in a very strong financial position and poised for a bright future, the time is right for me to step back, focus on my family and pursue my philanthropic goals."
Dr. Morel continued, "I am confident that the Board of Directors will identify an outstanding candidate to lead West into the next stage of its growth. Until that time, I will continue to work with the West team to deliver value to our customers and with the Board to make the transition to new leadership a seamless process."
Patrick J. Zenner, West's Chairman, Independent Directors, said, "Don has been a strong and effective leader since joining West in 1992, rising to become Chief Executive Officer in 2002 and Chairman and CEO in 2003. During his leadership, revenues more than tripled with the launch of many innovative products, and the stock price increased more than sixfold. Don's vision has positioned the Company for a bright future with a broad range of new product opportunities combined with a very strong financial position. We are grateful for his hard work and look forward to his continuing contribution as we conduct the search for his successor."
Zenner continued, "Succession planning has always been a top priority for our Board of Directors. We have confidence in Don and his current management team, the strategy we have crafted together and in our ability to conduct a thorough and careful search to identify the right person who will continue to drive growth and shareholder-value creation well into the future."
2014 Outlook
West plans to announce its third-quarter 2014 results on October 30, 2014. The Company expects third-quarter U.S. GAAP earnings to be $0.43 per diluted share, including a $0.01 per-share charge for in-process research. The Company also narrowed its adjusted earnings-per-share guidance for full-year 2014 to a range of between $1.77 and $1.82, primarily as a result of foreign currency translation from the strengthening of the dollar ($0.04 per diluted share) and tax-rate changes attributed to the geographic mix of our earnings. "We look forward to providing additional information about our third-quarter results and full-year outlook, 2015 revenue-growth expectations, as well as our 5-year financial goals, during our earnings call," Dr. Morel said
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