Joseph L. Herring Elected To Covance Board Of Directors
|JOSEPH L. HERRING ELECTED TO COVANCE BOARD OF DIRECTORS|
|Princeton, NJ, June 28, 2004 — Covance Inc. (NYSE: CVD) today announced that it has elected Joseph L. Herring to its Board of Directors, effective June 25, 2004. Mr. Herring is the President and Chief Operating Officer of Covance.|
Chris Kuebler, Covance Chairman and Chief Executive Officer, said: "I am pleased to welcome Joe Herring to the Covance Board of Directors. His persistent focus on operational and service excellence has been instrumental in driving productivity gains and underscoring the importance of customer satisfaction throughout the organization. In addition, his significant contributions to creating a focused strategic direction for Covance have resulted in significant increases in shareholder value and have positioned us well for future growth."
As President and Chief Operating Officer, Mr. Herring has operating responsibility for all business units worldwide, including Early Development, Clinical Development, Central Laboratories, and Commercialization Services. Prior to his appointment as President and Chief Operating Officer, Mr. Herring was Corporate Senior Vice President and President, Early Development Services, responsible for the Company's worldwide Preclinical testing and Phase I services. Mr. Herring joined Covance in September 1996.
Previous to Covance, Mr. Herring worked in the American Hospital Supply/Baxter/Caremark organization for 18 years. He held a number of executive positions, including Vice President/General Manager of the Oncology Services Division, Area Vice President, and Vice President of Marketing.
Mr. Herring also serves on the Board of Directors of First Circle Medical (Minneapolis, MN) - an early stage medical device/therapeutics company. Mr. Herring received his B.S. degree in Business Administration from Louisiana State University in 1978.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2003 net revenues of $940 million, global operations in 18 countries, and approximately 6,300 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website in the About Covance area.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase profitability of its clinical development services and to increase order volume in central laboratory and commercialization services, and continued growth in demand for bioanalytical services and Covance's ability to provide these services on a large scale basis, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All information in this release is as of June 25, 2004. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.