News Column

Zoetis Announces Appointment of Paul Herendeen as Executive Vice President and Chief Financial Officer

August 25, 2014



By a News Reporter-Staff News Editor at Pharma Business Week -- Zoetis Inc. (NYSE:ZTS) announced the appointment of Paul Herendeen as its new Executive Vice President and Chief Financial Officer (EVP & CFO), completing a leadership transition that began in April. Herendeen has spent the last 16 years in CFO roles at health care companies Warner Chilcott and MedPointe, building on a successful career in finance, banking and private equity partnerships (see also Zoetis Inc.).

In his role at Zoetis, Herendeen will oversee the company's Finance and Information Technology (IT) organizations and be part of the Zoetis Executive Team, reporting to CEO Juan Ramon Alaix. He will have responsibility for the financial management, planning and operations for the company's $4.6 billion enterprise. He will also leverage his past experiences with IT to oversee the implementation of an Enterprise Resource Planning (ERP) system based on SAP, a significant undertaking to complete the company's full separation from Pfizer. Herendeen will begin in his role at Zoetis on Sept. 2, 2014.

"We are very pleased to have Paul Herendeen joining our executive team," said Zoetis Chief Executive Officer Juan Ramon Alaix. "Paul is an experienced and talented CFO with substantial background in the health care sector and as a public company CFO. His track record demonstrates an ability to create value and growth for companies where he has been part of the leadership team. We look forward to Paul using his expertise to enhance our global finance organization and in demonstrating and communicating our value proposition to investors."

"I am very excited to be joining Zoetis and its leadership team at this point in its young life as a public company," said Paul Herendeen, newly appointed EVP and CFO for Zoetis. "Zoetis is a company with tremendous capabilities, talented people and market leadership positions in a growing global animal health industry. I see a great opportunity to continue building on the company's success as the world leader in animal health, bringing innovations to customers, and creating value for our shareholders."

Herendeen replaces former EVP and CFO Rick Passov, who left the company in April. Glenn David, Senior Vice President of Finance Operations, has been serving as Acting CFO in the interim. David will remain at Zoetis and be an integral part of Herendeen's leadership team.

"We are very grateful for Glenn's service as Acting CFO," said Alaix. "He has provided stability and valuable leadership with our colleagues and the investment community during this transition. He did a great job, initiated a number of improvements that will carry forward, and remains a valuable leader for Zoetis." Track Record of Financial Leadership and Value Creation Herendeen brings more than 30 years of broad financial experience and leadership to his role at Zoetis, including 16 years as CFO of Warner Chilcott and MedPointe.

From 2005 to 2013, Herendeen served as CFO at Warner Chilcott, a specialty pharmaceuticals company, which had a successful IPO in 2006, grew its revenue and profitability, and was acquired by Actavis in 2013. He joined Warner Chilcott after four years as EVP and CFO of MedPointe, a privately held health care company. He had been Warner Chilcott's CFO from 1998 until 2000, joining the company after representing one of its lead investors on Warner Chilcott's Board of Directors. Herendeen helped grow the company's revenues and conduct its first successful IPO, and later helped complete the company's acquisition by Galen PLC.

From 1989 to 1998, Herendeen spent nine years as a principal investor at both Dominion Income Management and Cornerstone Partners, where he worked on investments as well as mergers and acquisitions for the firms and their portfolio companies. He also spent the early part of his career in banking and public accounting, having held various positions with the investment banking group of Oppenheimer & Company, the capital markets group of Continental Bank Corporation, and as a senior auditor with Arthur Andersen & Company.

Keywords for this news article include: Zoetis Inc, Animal Health, Investment and Finance.

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Source: Pharma Business Week


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