UPDATE: Endo Health Solutions Announces CEO Transition Plan; Won't Hit FY12, FY13 Guidance
Endo Health Solutions Inc. (Nasdaq: ENDP) announced today David P. Holveck, 67, President and Chief Executive Officer, will retire in 2013. He will continue to serve in his present positions until the earlier of his successor being in place or the May 2013 annual meeting of Endo shareholders. Holveck will also leave the Board at such time.
The Board is conducting a search for the Company's next CEO and will consider both external and internal candidates with the assistance of Korn/Ferry, a leading executive search firm.
The Company also said it now anticipates 2012 adjusted diluted earnings per share to be at or below the low end of its previous guidance range of $5.00 to $5.10. Additionally, the Company no longer expects to achieve its previous 2013 guidance for revenues of $3.0 to $3.2 billion and adjusted diluted earnings per share of $5.20 to $5.40, and expects to provide updated 2013 guidance in early January.
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