Market Overview

Purdue Pharma L.P. Announces Leadership Changes


Company Names Steve Miller Chairman of the Board of Directors and
Marc Kesselman Senior Vice President and General Counsel

Purdue Pharma L.P. today announced leadership changes to the Company's
Board of Directors and Executive Committee effective immediately. Steve
Miller has been named Chairman of the Board of Directors of Purdue. In
addition, Marc Kesselman has been appointed Senior Vice President and
General Counsel. He will report directly to President and CEO Craig
Landau, MD. Mr. Kesselman will be responsible for the company's overall
legal strategy, ethics and compliance, government affairs and corporate
governance. Both Mr. Miller and Mr. Kesselman will provide senior-level
strategic counsel to the business as the company continues to take
meaningful steps to reduce opioid abuse and addiction and pursue new
medications for patients suffering from cancer and select central
nervous system (CNS) disorders.

"We are thrilled to welcome Steve and Marc to the organization. Steve is
a world-class leader who is uniquely qualified to help us navigate the
business challenges in front of us," said Craig Landau, MD, president
and CEO, Purdue Pharma. "Similarly, Marc is an experienced General
Counsel who will be a valuable addition to our outstanding legal and
leadership teams at Purdue. I look forward to working with them both as
we diversify beyond our historic focus on pain medications through
emphasis on internal and partnered research and development programs,
and continue to take meaningful steps to address the opioid crisis."

Steve Miller, Chairman of the Board

Mr. Miller has spent his nearly 50-year career helping companies through
challenges. He authored the 2008 book, The Turnaround Kid. He has
served in senior leadership positions, including as Chairman or CEO, at
a number of automotive, financial and industrial companies. Steve is
credited with leading many critical corporate turnarounds, including the
rescue of Chrysler in 1981. Following his ‘retirement' in 1993, he has
served on more than a dozen corporate boards including U.S. Bank, United
Airlines, Dow DuPont and as Chairman of insurance company AIG (2010 to

"Working with Purdue and its board during this transformational time is
an exciting opportunity for me," said Miller. "The company has the
intellect and commitment to build a strong and diversified business
focused on addressing needs of patients and healthcare professionals,
and I look forward to participating in this journey."

Mr. Miller is a graduate of Stanford University and received his J.D.
from Harvard Law School and his MBA from Stanford University Graduate
School of Business.

Marc Kesselman, General Counsel, Purdue Pharma

Mr. Kesselman joins Purdue most recently from similar roles in large
multi-national companies across the food and beverage industry. He
previously served as General Counsel of the U.S. Department of
Agriculture and Deputy General Counsel of the White House Office of
Management & Budget. He also was a Trial Attorney for the Civil Division
of the Department of Justice, where he earned the John Marshall Award,
the Attorney General's highest recognition for trial litigation.

"I am excited to join Purdue's leadership team at this pivotal time for
the company," said Kesselman. "Purdue has in place talented legal,
compliance, and government affairs teams and I'm looking forward to
working with them and the rest of my new colleagues to build a
sustainable and patient-focused business operating with the highest
ethical standards."

Early in his career, Kesselman worked as an attorney in the Washington,
DC office of Ropes & Gray. He also served as a Law Clerk for the
Honorable Julia S. Gibbons, then the Chief Judge of the U.S. District
Court for the Western District of Tennessee.

He graduated with high honors from Cornell University, and with honors
from the University of Pennsylvania Law School.

Mr. Kesselman succeeds Maria Barton, who has led the company's law
department with distinction and integrity and will be pursuing
opportunities outside of Purdue. Ms. Barton will remain with the company
during a brief transition period.

About Purdue Pharma
Purdue Pharma L.P. develops and provides
prescription medicines that meet the evolving needs of healthcare
professionals, patients, and caregivers. We were founded by physicians
and we are currently led by a physician. Beyond our efforts to provide
quality medications, Purdue is committed to supporting national,
regional and local collaborations to drive innovations in patient care.
Privately held, Purdue is pursuing a pipeline of new medications and
technologies through internal research & development and strategic
industry partnerships. For more information, please visit

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