Herendeen brings 16 years of experience as CFO and substantial background in health care
Zoetis Inc. (NYSE:ZTS) today announced the appointment of Paul Herendeen
as its new Executive Vice President and Chief Financial Officer (EVP &
CFO), completing a leadership transition that began in April. Herendeen
has spent the last 16 years in CFO roles at health care companies Warner
Chilcott and MedPointe, building on a successful career in finance,
banking and private equity partnerships.
In his role at Zoetis, Herendeen will oversee the company’s Finance and
Information Technology (IT) organizations and be part of the Zoetis
Executive Team, reporting to CEO Juan Ramón Alaix. He will have
responsibility for the financial management, planning and operations for
the company’s $4.6 billion enterprise. He will also leverage his past
experiences with IT to oversee the implementation of an Enterprise
Resource Planning (ERP) system based on SAP, a significant undertaking
to complete the company’s full separation from Pfizer. Herendeen will
begin in his role at Zoetis on Sept. 2, 2014.
“We are very pleased to have Paul Herendeen joining our executive team,”
said Zoetis Chief Executive Officer Juan Ramón Alaix. “Paul is an
experienced and talented CFO with substantial background in the health
care sector and as a public company CFO. His track record demonstrates
an ability to create value and growth for companies where he has been
part of the leadership team. We look forward to Paul using his expertise
to enhance our global finance organization and in demonstrating and
communicating our value proposition to investors.”
“I am very excited to be joining Zoetis and its leadership team at this
point in its young life as a public company,” said Paul Herendeen, newly
appointed EVP and CFO for Zoetis. “Zoetis is a company with tremendous
capabilities, talented people and market leadership positions in a
growing global animal health industry. I see a great opportunity to
continue building on the company’s success as the world leader in animal
health, bringing innovations to customers, and creating value for our
shareholders.”
Herendeen replaces former EVP and CFO Rick Passov, who left the company
in April. Glenn David, Senior Vice President of Finance Operations, has
been serving as Acting CFO in the interim. David will remain at Zoetis
and be an integral part of Herendeen’s leadership team.
“We are very grateful for Glenn’s service as Acting CFO,” said Alaix.
“He has provided stability and valuable leadership with our colleagues
and the investment community during this transition. He did a great job,
initiated a number of improvements that will carry forward, and remains
a valuable leader for Zoetis.”
Track Record of Financial Leadership and Value Creation
Herendeen brings more than 30 years of broad financial experience and
leadership to his role at Zoetis, including 16 years as CFO of Warner
Chilcott and MedPointe.
From 2005 to 2013, Herendeen served as CFO at Warner Chilcott, a
specialty pharmaceuticals company, which had a successful IPO in 2006,
grew its revenue and profitability, and was acquired by Actavis in 2013.
He joined Warner Chilcott after four years as EVP and CFO of MedPointe,
a privately held health care company. He had been Warner Chilcott’s CFO
from 1998 until 2000, joining the company after representing one of its
lead investors on Warner Chilcott’s Board of Directors. Herendeen helped
grow the company’s revenues and conduct its first successful IPO, and
later helped complete the company’s acquisition by Galen PLC.
From 1989 to 1998, Herendeen spent nine years as a principal investor at
both Dominion Income Management and Cornerstone Partners, where he
worked on investments as well as mergers and acquisitions for the firms
and their portfolio companies. He also spent the early part of his
career in banking and public accounting, having held various positions
with the investment banking group of Oppenheimer & Company, the capital
markets group of Continental Bank Corporation, and as a senior auditor
with Arthur Andersen & Company.
Herendeen earned a Master of Business Administration (MBA) in Finance
from the University of Virginia’s Darden School of Business, and holds a
bachelor’s degree in Business Administration from Boston College.
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 27
manufacturing facilities in 10 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, which reflect the
current views of Zoetis with respect to business plans or prospects,
future operating or financial performance, expectations regarding
products, future use of cash and dividend payments, and other future
events. These statements are not guarantees of future performance or
actions. Forward-looking statements are subject to risks and
uncertainties. If one or more of these risks or uncertainties
materialize, or if management's underlying assumptions prove to be
incorrect, actual results may differ materially from those contemplated
by a forward-looking statement. 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. A
further list and description of risks, uncertainties and other matters
can be found in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2013, including in the sections thereof captioned
“Forward-Looking Information and Factors That May Affect Future Results”
and “Item 1A. Risk Factors,” 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.
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 Contacts:
Bill Price
1-973-443-2742 (o)
william.price@zoetis.com
or
Elinore White
1-973-443-2835 (o)
elinore.y.white@zoetis.com
or
Investor Contacts:
John O'Connor
1-973-822-7088 (o)