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Omnicare’s Interim CEO Workman Wins Job to Head Company

Omnicare (OCR) Inc., a supplier of drugs to nursing homes, named John Workman the permanent chief executive officer after he served as interim chief since June.

Workman took over the role when former CEO John Figueroa left the company on June 11 after several weeks of conversations with the board. The company didn’t provide a reason for Figueroa’s departure other than to say that he had accomplished the goals of his 18-month tenure. Robert Kraft was named as the company’s new chief financial officer.

“We are pleased to announce that after a thorough search process, the board has chosen John Workman,” James Shelton, chairman of Covington, Kentucky-based Omnicare, said today in a statement.

In May, under Figueroa, Omnicare settled a case with the U.S. Department of Justice for $50 million. The agency called it the “largest controlled-substance settlement in history,” and said that Omnicare gave nursing home residents medicines without a prescription, with missing prescription information, or not documenting prescriptions.

Workman had been Omnicare’s chief financial officer since November 2009, according to the company. Omnicare shares gained 2.4 percent to $34.90 at the close in New York time. The stock has gained 4.6 percent since he became interim chief.

To contact the reporter on this story: Drew Armstrong in New York at darmstrong17@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

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