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LAKE FOREST, Ill., and IRVINE, Calif. — Michael Ball, currently president of Allergan Inc., has been named chief executive officer at specialty pharmaceutical company Hospira Inc.
Hospira said Monday that Ball, 55, is slated to take the CEO reins at the company effective March 28. He also will become a board member.
Meanwhile, Allergan has reappointed David Pyott as president. The company said Monday that Pyott will continue in his current roles as chairman and chief executive officer.
At Lake Forest, Ill.-based Hospira, Ball will succeed founding CEO Christopher Begley, who will assume the role of executive chairman, according to the company.
"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," Begley said in a statement. "With his proven track record of growing complex global businesses, demonstrated success in leading diversified health care 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."
Ball served as Allergan’s president since 2006 and joined the company in 1995. During his tenure at Allergan, he 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 devices, according to Hospira.
"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 health care and provide the highest-quality products that address critical unmet needs around the globe," Ball commented. "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."
As executive chairman, Begley will focus on ensuring continuity of leadership, providing strategic counsel to Ball and managing a smooth transition of the CEO duties, Hospira said.
Begley takes the executive chairman role after launching Hospira as the founding CEO in the wake of 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, according to the company.
At Irvine, Calif.-based Allergan, Pyott is slated to assume the president’s role on March 27, the company said.
"Mike has continuously made significant contributions to the success of Allergan during his 16 years of service and has been a key partner since I arrived in January 1998," stated Pyott. "His appointment as chief executive officer of Hospira is a testament to his many skills and his leadership capabilities. We wish him much success in the next stage of his career."
With Pyott expanding his role as president, the new organizational structure will eliminate an organizational layer and allow Pyott, who previously served Allergan in the role of President from 1998 until 2006, to invest more of his efforts in the development of the strong bench of Allergan leaders and their teams, according to the company.
“The decision to create direct reporting lines between Mr. Pyott and Allergan’s commercial leaders, who have been with the company for decades and are responsible for the largest businesses, supports our commitment to talent development and succession planning, providing opportunities that will advance our next generation of leaders," commented Scott Sherman, Allergan’s executive vice president for human resources. "This structure will allow them to continue to grow and apply their skill sets on a higher management level, while encouraging them to add even greater value to the company, our customers, patients, stockholders and employees."
