Forest Labs names new CEO to replace Howard Solomon

11 September 2013

US drugmaker Forest Laboratories (NYSE: FRX) saw its shares rise 2.5% to $44.50 yesterday after it announced the appointment of Brenton Saunders as its chief executive officer and president, effective from October 1.

The 43-year-old former chief executive of Bausch & Lomb, which has been taken over by Valeant Pharmaceuticals, will succeed long-standing Howard Solomon, aged 86. Mr Solomon will remain non-executive chairman of the board until the company’s 2014 Annual Meeting of Stockholders when Mr Saunders is expected to replace him in that role as well.

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