Company Announces Current CFO Rick Passov to Leave at End of April
Zoetis Inc. (NYSE:ZTS) today announced that Glenn David, senior vice
president of Finance Operations, has been named acting Chief Financial
Officer (CFO), and will assume responsibility for the oversight of the
company’s financial management and global operations, effective
immediately. David will succeed Executive Vice President and Chief
Financial Officer Richard (Rick) Passov, who will be leaving the company
at the end of April.
“Glenn is a tenured, well-respected leader in our organization,” said
Chief Executive Officer Juan Ramón Alaix. “His deep financial experience
and knowledge of the animal health business has been serving Zoetis
well, and I have every confidence in his ability to steward our
financial operations at this time.” With David in place as acting CFO,
reporting to Alaix, the company indicated it will commence a search
process among internal and external candidates for the chief financial
officer position.
Experienced and Knowledgeable Finance Leader
With more than 20 years of experience in finance and operations –
including roles at Pfizer, Bankers Trust, Paine Webber and Credit Suisse
– David has played a key role in leading the financial operations for
Zoetis since its Initial Public Offering (IPO), including financial
planning, analysis and support across its 70 global markets. Most
recently, David has served as senior vice president of Finance
Operations for Zoetis, where he had led a team of more than 300 finance
professionals and played a critical role in the company’s preparation
and execution of its IPO in 2013.
Before the Zoetis IPO, David enjoyed a career in Finance at its former
parent company, Pfizer. He served in various financial roles at Pfizer,
including vice president of Global Finance for Pfizer Animal Health and
vice president of Finance for the U.S. Primary Care franchise. David
also played important financial roles in Pfizer’s integrations of the
Pharmacia, Wyeth and King Pharmaceuticals’ acquisitions.
Prior to joining Pfizer in 1999, David gained valuable financial
experience at Bankers Trust, Paine Webber and Credit Suisse. He
graduated magna cum laude with a bachelor’s degree in Finance from
Binghamton University, and earned his MBA in Finance/Information
Technology from New York University.
In speaking of Passov, Alaix said, “Rick was an important member of the
senior team at Zoetis, particularly during our launch as a publicly held
company. He helped lay the foundation for the long-term strength and
vitality of our organization and importantly, assembled a world-class
financial team that will carry on with his departure. We expect Rick to
provide transitional support, as needed, in the coming months, and we
wish him well in his next chapter.”
About Zoetis
Zoetis
(zô-EH-tis) is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on more than 60
years of experience in animal health, Zoetis discovers, develops,
manufactures and markets veterinary vaccines and medicines, complemented
by diagnostic products and genetic tests and supported by a range of
services. In 2013, the company generated annual revenue of $4.6 billion.
With approximately 9,800 employees worldwide at the beginning of 2014,
Zoetis has a local presence in approximately 70 countries, including 28
manufacturing facilities in 11 countries. Its products serve
veterinarians, livestock producers and people who raise and care for
farm and companion animals in 120 countries. For more information, visit www.zoetis.com.
DISCLOSURE NOTICES
Forward-Looking Statements: This
press release contains forward-looking statements with respect to the
timing of Mr. Passov’s departure, the anticipated search process, and
the expectation that Mr. Passov will provide transitional assistance.
Each forward-looking statement in this press release is subject to
risks and uncertainties that could cause actual results to differ
materially from those contemplated by such forward-looking
statement. Applicable risks and uncertainties include, among
others, decisions made by Mr. Passov and the risks identified in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2013,
in the sections thereof captioned “Forward-Looking Information and
Factors That May Affect Future Results” and “Item 1A. Risk Factors,” as
well as elsewhere in our Annual Report and in our Quarterly Reports on
Form 10-Q and in our Current Reports on Form 8-K. These filings and
subsequent filings are available online at www.sec.gov, www.zoetis.com,
or on request from Zoetis. Forward-looking statements speak only as of
the date on which they are made. Zoetis expressly disclaims any
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
Internet Posting of Information:
We routinely post information that may be important to investors in
the 'Investors' section of our web site at www.zoetis.com,
on our Facebook page at http://www.facebook.com/zoetis
and on Twitter @zoetis. We encourage investors and potential investors
to consult our website regularly and to follow us on Facebook and
Twitter for important information about us.
Zoetis Inc.
Media:
Bill Price, 973-443-2742
william.price@zoetis.com
or
Elinore White, 973-443-2835
elinore.y.white@zoetis.com
or
Investor:
John O'Connor, 973-822-7088