Hospira Board Names F. Michael Ball New CEO; Christopher B. Begley to Assume Executive Chairman RoleBy Hospira Inc., PRNE
Sunday, March 6, 2011
Ball's deep industry experience, international business acumen and transformative leadership style support Hospira's focus on driving strategic growth and shareholder value -
LAKE FOREST, Illinois, March 8, 2011 - The board of directors of Hospira, Inc. (NYSE: HSP), a global specialty
pharmaceutical and medication delivery company, today announced the election
of F. Michael (Mike) Ball as the company's new chief executive officer (CEO)
and a member of the board, effective March 28, 2011. Mr. Ball, 55, currently
President, Allergan, Inc., succeeds the company's founding CEO, Christopher
B. Begley, who will assume the role of executive chairman.
"From the outset of our CEO search, the board and I were determined to
identify a candidate who would extend Hospira's growth trajectory, expand our
global reach, and inspire our employees as we continue our patient-focused
journey to sustainable top-tier financial performance," said Mr. Begley.
"With his proven track record of growing complex global businesses,
demonstrated success in leading diversified healthcare portfolios and strong
commitment to creating value for all company stakeholders, we found the
perfect fit with Mike Ball. We are thrilled to welcome Mike to the Hospira
family, and I look forward to partnering with him and our board to continue
to advance our great company - a company that is stronger and better
positioned for success now than at any point in our rich history."
Mr. Ball joins Hospira following a distinguished 16-year career with
Allergan, a multi-specialty healthcare company with a presence in more than
100 countries and a broad portfolio of pharmaceuticals, biologics and medical
devices. During his tenure at Allergan, Mr. Ball was responsible for
accelerating growth in international markets and leading the strategy and
execution of global commercial activities for a diverse slate of businesses,
including specialty pharmaceuticals, over-the-counter products and surgical
Recognized for his intense customer focus and exceptional results, Mr.
Ball helped drive top-tier financial performance over a 10-year period and
earn the No. 1 or No. 2 market share position in most of the company's
marketed therapeutic categories.
Said Mr. Ball, "I am deeply honored and excited to join Hospira's 14,000
employees in advancing our shared passion to increase patient and caregiver
safety and productivity, reduce the high costs of healthcare, and provide the
highest quality products that address critical unmet needs around the globe.
With our strong financial position, market leadership and talented workforce,
Hospira is uniquely positioned to capitalize on our exceptional growth
potential while we create value for our employees, customers, shareholders
and global communities."
Commenting on Mr. Ball's appointment, Irving W. Bailey, II, Hospira's
lead independent director, said, "Mike brings to Hospira more than 25 years
of global healthcare experience, an outstanding record of results-oriented
performance and clear alignment with our strategy and culture. The board is
confident that he is the right person to lead Hospira's continued growth and
success." Added Mr. Bailey, "Working together, Chris and Mike will ensure a
seamless transition for our employees, customers and shareholders, and we are
deeply grateful for Chris' continued, active leadership in the role of
As executive chairman, Mr. Begley will focus on ensuring continuity of
leadership, providing strategic counsel to Mr. Ball and managing an orderly
transition of the CEO responsibilities.
Mr. Begley assumes the executive chairman role after launching Hospira as
the company's founding CEO following its 2004 spin-off from Abbott
Laboratories. During his tenure, Hospira doubled its market capitalization,
geographic footprint and revenue outside the United States; improved adjusted
gross margins by more than 1,000 basis points; and generated more than $3
billion in cash flow from operations.
For more information on key company facts and accomplishments, visit:
- Hospira Corporate Fact Sheet (www.hospira.com/NewsAndMediaCenter/factsheets.aspx) - Hospira Achievements and Timeline (www.hospira.com/AboutHospira/History.aspx)
About F. Michael Ball
Prior to his appointment as Hospira CEO, and since 2006, Mr. Ball served
as the President of Allergan. He joined the company in 1995 and held a number
of leadership roles including Executive Vice President and President,
Pharmaceuticals; President, North America Region and President, Global
Before Allergan, Mr. Ball served as Senior Vice President for Syntex
Laboratories USA and President, Syntex Canada, where his responsibilities
spanned marketing, sales, regulatory and clinical functions, as well as the
creation of an authorized generics business. He started his healthcare career
at Eli Lilly and Company.
Born in Canada, Mr. Ball earned both his bachelor's degree in life
sciences and his master of business administration degree in marketing at
Queen's University, Ontario, Canada. He completed an executive management
program at Stanford University and has served on the board of STEC, Inc.
Hospira, Inc. is a global specialty pharmaceutical and medication
delivery company dedicated to Advancing Wellness(TM). As the world leader in
specialty generic injectable pharmaceuticals, Hospira offers one of the
broadest portfolios of generic acute-care and oncology injectables, as well
as integrated infusion therapy and medication management solutions. Through
its products, Hospira helps improve the safety, cost and productivity of
patient care. The company is headquartered in Lake Forest, Ill., and has
approximately 14,000 employees. Learn more at www.hospira.com.
Private Securities Litigation Reform Act of 1995 -
A Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Hospira cautions
that these forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those indicated in
the forward-looking statements. Economic, competitive, governmental,
regulatory, legal, technological and other factors that may affect Hospira's
operations and may cause actual results to be materially different from
expectations include the risks, uncertainties and factors discussed under the
headings "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Hospira's latest Annual
Report on Form 10-K filed with the Securities and Exchange Commission, which
are incorporated by reference. Hospira undertakes no obligation to release
publicly any revisions to forward-looking statements as the result of
subsequent events or developments.
Media, Stacey Eisen, +1-224-212-2276, or Financial Community, Karen King, +1-224-212-2711, both of Hospira, Inc.
Tags: Hospira Inc., Illinois, Lake forest, March 8