PharMerica Appoints David Froesel, Jr. as Interim Chief Financial Officer
Company Initiates Search for Permanent CFO
LOUISVILLE, Ky. -- April 12, 2013
PharMerica Corporation (NYSE: PMC), a national provider of institutional
pharmacy, specialty infusion and hospital pharmacy management services, today
announced that the Company has appointed David W. Froesel, Jr. as interim
Chief Financial Officer, effective immediately. Mr. Froesel succeeds Michael
J. Culotta, who by mutual agreement with the Company, is stepping down to
pursue other interests.
A veteran of the health care industry, Mr. Froesel served for 14 years as
Chief Financial Officer of Omnicare, Inc. At PharMerica, he will be
responsible for the management of all finance related functions. The Company
has engaged an executive search firm to assist it with its search for a
Gregory S. Weishar, PharMerica Corporation’s Chief Executive Officer, said,
“Dave is a world-class leader with a proven track record in our industry. His
thorough understanding of our business, combined with his financial expertise
and deep relationships with the investment community, make him ideally suited
to oversee PharMerica’s financial functions.”
“I am excited to join PharMerica,” said David Froesel. “PharMerica is highly
regarded for its customer-centric technologies and superior pharmacy services.
The Company is well positioned to realize additional opportunities in the
market and continue creating shareholder value. I look forward to being part
of the PharMerica team on an interim basis and contributing to the Company’s
Mr. Weishar added, “On behalf of the Board and management team of PharMerica,
I want to thank Mike for his years of service to the Company. He played an
important role in taking the Company public and developing a strong financial
organization. We wish him the best in his future endeavors.”
PharMerica noted that Mr. Culotta’s decision to step down was not related to
any disputes with the Company or any issues regarding the integrity of the
Company’s financial statements or accounting policies and practices.
About David W. Froesel, Jr.
Mr. Froesel, age 61, was Senior Vice President and Chief Financial Officer of
Omnicare, Inc., from 1996 to 2009. Prior to that, he was Vice President,
Finance & Administration and Corporate Controller of subsidiaries of
Mallinckrodt Group, Inc., a $2.5 billion healthcare and specialty chemical
company. He received a B.S. in Accounting from the University of Missouri-St.
Louis and an M.S. in Accounting from St. Louis University, and he is a
Certified Public Accountant.
PharMerica Corporation is a leading institutional pharmacy, specialty infusion
and hospital pharmacy management services company servicing healthcare
facilities in the United States. PharMerica operates pharmacies in 45 states.
PharMerica’s customers are institutional healthcare providers, such as nursing
centers, assisted living facilities, hospitals and other long-term care
providers. In addition, the Company provides specialty infusion
pharmaceuticals to patients in a home setting. The Company also provides
pharmacy management services to long-term care hospitals.
This press release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which reflect the Company’s
current estimates, expectations and projections about its future results,
performance, prospects and opportunities. Forward-looking statements include
statements that are not historical facts and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “plan,” “may,” “should,” “will,” “would,” “project” and
similar expressions, and include, among other matters, the Company’s potential
to realize additional opportunities in the market and to create shareholder
value and the Company’s plans with respect to its search for a permanent CFO.
These forward-looking statements are based upon information currently
available to us and are subject to a number of risks, uncertainties and other
factors that could cause the Company’s actual results, performance, prospects
or opportunities to differ materially from those expressed in, or implied by,
these forward-looking statements. Important factors that could cause the
Company’s actual results to differ materially from the results referred to in
the forward-looking statements we make in this press release are included in
the Risk Factors section set forth in the Company’s Annual Report on Form 10-K
filed with the SEC and in other reports, including Quarterly Reports on Form
10-Q filed with the SEC by the Company.
You are cautioned not to place undue reliance on any forward-looking
statements, all of which speak only as of the date of this press release.
Except as required by law, we undertake no obligation to publicly update or
release any revisions to these forward-looking statements to reflect any
events or circumstances after the date of this press release or to reflect the
occurrence of unanticipated events. All subsequent written and oral
forward-looking statements attributable to us or any person acting on the
Company’s behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this press release and in the Risk
Factors section set forth in the Company’s Annual Report on Form 10-K filed
with the SEC and in other reports filed with the SEC by the Company.
Investors and Analysts:
David W. Froesel, Jr., 502-627-7950
Chief Financial Officer
Joele Frank, Wilkinson Brimmer Katcher
Andrew Siegel / Alyssa Cass, 212-355-4449
Press spacebar to pause and continue. Press esc to stop.