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NEW YORK — Forest Laboratories Inc. has made a series of appointments to its executive leadership team as part of its effort to "flatten and broaden" its organization under a recently announced corporate streamlining plan.
"We are announcing an important step to rejuvenate our company by creating the first Forest executive team with broad leadership responsibilities, a sharp focus and clear accountability for driving sustainable growth," Forest Labs president and chief executive officer Brent Saunders said in a statement Monday.
The executive appointments include Elaine Hochberg as executive vice president of international, strategic planning and government affairs, Bill Meury as executive vice president of sales and marketing, Frank Perier Jr. as executive vice president and chief financial officer, and Marco Taglietti as executive vice president of drug development and research as well as chief medical officer.
In addition, Bob Bailey has been named as senior vice president, chief legal officer, general counsel and corporate secretary; Alex Kelly as senior vice president, chief communications and investor relations officer; Sally Paull as senior vice president of human resources; Kevin Walsh as senior vice president of operations; and Joe Zimmerman as senior vice president and chief compliance officer.
Forest Labs also said that David Solomon, senior vice president of corporate development and strategic planning, will become senior adviser to the CEO, responsible for business development and alliance management on a transitional basis.
"David played an instrumental role in driving and executing our company’s successful Next 9 Strategy, which has given us a solid foundation of future growth drivers," Saunders stated. "During his transition period, I will draw on David’s experience, expertise and counsel as we embark on our company’s next chapter."
Last week, Forest Labs unveiled Project Rejuvenate, a strategy aimed at streamlining its operations and trimming its operating cost base. The initiative focuses on three areas: flattening and broadening the organization to reduce layers and increase span of control, enhancing productivity and profitability by reprioritizing and rescaling the cost base, and streamlining work to reduce low value activities.
According to Forest Labs, Project Rejuvenate is designed to make the company more nimble in responding to a changing environment and pare operating expenses by $500 million by the end of fiscal year 2016.
