CEO and CFO nominations for Stada Arz

Bain Capital and Cinven announce their intention to nominate Claudio Albrecht as new chief executive and Mark Keatley as new chief financial officer of Stada Arzneimittel (SAZ: Xetra), the German generic drugmaker they are in the process of acquiring.

Prior to this, the current CEO Engelbert Coster Tjeenk Willink and CFO Dr Bernhard Düttmann had announced at the Stada Annual General Meeting that they would be ready to step down from their interim positions before expiry of their contracts following the successful completion of the public takeover by Bain Capital and Cinven. In line with German corporate governance, the actual appointment of Mr Albrecht and Mr Keatley will be decided upon by the supervisory board of Stada once its new members have been appointed by Court. Dr Barthold Piening, chief technical officer of Stada, will remain in his position.

Both nominees have unique backgrounds in the global generics industry, where they have led highly successful growth strategies at major corporations. Mr Albrecht was CEO and chairman of generics company Actavis Group until its sale to Watson in 2012. Under his leadership, Actavis grew its revenues to over 2 billion euros ($2.38 billion) and expanded its international footprint significantly. Previously, he had been CEO of Ratiopharm Group, having started his career in the generics business of Sandoz.