Perrigo appoints seasoned CPG veteran Ray Silcock as Chief Financial Officer
Dublin, Ireland – March 20, 2019 – Perrigo Company plc (NYSE; TASE: PRGO) today announced that Ray Silcock will join the Company as Executive Vice President and Chief Financial Officer, effective March 25, 2019. Ray will lead the global finance, tax, internal audit, investor relations, corporate communications, business development and treasury functions. He will report to President and Chief Executive Officer, Murray S. Kessler.
Perrigo President and CEO Murray S. Kessler commented, “I have worked with Ray professionally on and off for over 30 years, including as my CFO at UST Inc. He has deep experience as a public company consumer packaged goods CFO across both branded and private label companies. His proven track record of stabilizing and then growing companies in turnaround situations will be invaluable as we restore the ‘Perrigo Advantage’. I look forward to Ray playing a major role along with the rest of the Perrigo leadership team in transforming Perrigo and building shareholder value on a long-term and consistent basis."
Mr. Silcock joins Perrigo having been CFO of both public and private equity held companies for over 20 years. He has been instrumental in transformations and/or mergers that collectively created billions of dollars in shareholder value at major companies such as Diamond Foods Inc., Swift & Co, Cott Corporation (at the time - the world’s largest private label soft drink company) and UST Inc. Most recently, he was CFO at International Nutrition & Wellness, a contract packer of vitamins, minerals and supplements. Ray also served on the Board of Directors of Pinnacle Corporation for more than ten years until its sale to Conagra last year. His early career was highlighted by an 18-year tenure in positions of increasing responsibility at Campbell Soup Company. He earned an MBA from The Wharton School of the University of Pennsylvania and is a Fellow of the Chartered Institute of Cost & Management Accountants. Ray will be based out of Allegan, Michigan.
Mr. Silcock said, “I look forward to working alongside Murray once again to execute Perrigo’s consumer-focused strategy. I am particularly excited to partner with Perrigo’s talented global leadership team to make the Company’s new self-care vision a reality, to set and achieve targets, and to communicate our financial results with thoroughness and transparency.”
Ronald L. Winowiecki has resigned as Executive Vice President and CFO and will remain with the Company through [June 30, 2019] to assist in a smooth transition.
Mr. Kessler stated, “I want to thank Ron for his leadership and significant contributions to Perrigo throughout his ten years with the company. Ron led Perrigo’s global finance organization through many milestones and difficult challenges during his tenure. His efforts are greatly appreciated.”
Perrigo Company plc is dedicated to making lives better by bringing high "Quality, Affordable Self-care Products™" that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at (http://www.perrigo.com).
Certain statements in this press release are “forward-looking statements.” These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, including: the timing, amount and cost of any share repurchases; future impairment charges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the Notice of Assessment issued by the Irish tax authority (“NoA”) and the impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation, including litigation relating to the Company’s restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA; potential impacts of ongoing or future government investigations and regulatory initiatives; the impact of tax reform legislation and healthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. Statements regarding the separation of the RX business, including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders. Furthermore, the Company may incur additional tax liabilities in respect of 2016 and prior years or be found to have breached certain provisions of Irish company law in connection with the Company’s restatement of previously-filed financial statements, which may result in additional expenses and penalties. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2018, as well as the Company’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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