Perrigo CEO to go after just 14 months at the helm

Just 14 months after taking the reins at Perrigo (NYSE: PRGO), John Hendrickson is to retire from his position as chief executive at the Ireland-incorporated generics drugmaker.

Perrigo says the board will begin looking for a replacement. Mr Hendrickson will remain with the company at least until his successor is appointed. He will also step down from the board at that time.

Mr Hendrickson, who joined Perrigo in 1989, became chief executive after Joe Papa left in April 2016. Since then, the company has had to lower its revenue forecasts and has struggled with executive departures.

Mr Hendrickson said: "My decision to retire this year has not been an easy one, but now is the right time for me to make this change personally and professionally. I am privileged to have led Perrigo, particularly as we've met the challenges we faced and stabilized the business in a time of transition.”

Chairman Laurie Brlas said: "John has taken meaningful action across all areas of our business, including making significant organizational improvements, from Rx forecasting to implementing our cost optimization plan.”

“The board and I have no doubt about the strength of Perrigo's business and that we will carry our momentum forward over the next few months of John's leadership and beyond under a new executive.”