CINCINNATI (June 11, 2012) — Omnicare, Inc. (NYSE: OCR) announced today that its board of directors has appointed president and CFO John L. Workman as interim CEO, effective immediately. Workman’s appointment follows the board’s acceptance of John Figueroa’s resignation as CEO and a director of the company. Workman also will maintain his responsibilities as president and CFO.
The company also has appointed Nitin Sahney, executive vice president and president of the specialty care division, to the additional position of chief operating officer. Sahney’s appointment is effective immediately. Sahney’s new position will include responsibility for the long term care division.
In remarking on his decision to resign, Figueroa indicated that he believed he accomplished the goals established by the board when he was hired, namely to transition Omnicare to be a more operations-driven company focused on customer service.
“When I joined as CEO, I was committed to transitioning Omnicare to a more operations-driven company and focusing on better leveraging our resources and capabilities to improve efficiency and enhance the customer experience,” Figueroa said. “I am proud of the progress we made as a team during my tenure.”
The committee of the board of directors will coordinate the search for a permanent CEO. The search process will include a thorough review of internal and external candidates, including Workman.
The company noted that its guidance remains unaffected as a result of today’s announcement. As previously disclosed, Omnicare’s full-year 2012 guidance is as follows:
• Revenues of $6.1 billion to $6.2 billion.
• Adjusted cash-based income per diluted share from continuing operations of $3.10 to $3.20, excluding special items.
• Cash flow from continuing operations of $400 to $500 million.