PRINCETON, N.J., Dec. 19 /PRNewswire-FirstCall/ -- Covance Inc.
(NYSE: CVD) announced today that its Board of Directors has elected Joseph L.
Herring, currently Covance's Chief Executive Officer, to assume the additional
role of Chairman of the Board effective January 1, 2006. As part of a planned
succession process and as announced in November 2004, Christopher A. Kuebler
will retire as Chairman of the Board at the end of this year.
"Joe Herring has clearly demonstrated strong leadership and has
contributed significantly to Covance's growth and overall success during his
nine-year tenure with the company," said Kathleen G. Murray, Chair of the
Corporate Governance Committee of Covance's Board of Directors. "We look
forward to continued success under his leadership as Chairman and CEO."
Joe Herring joined Covance in September 1996 as Corporate Vice President
and General Manager of North America Early Development. He was promoted to
the position of Global President of Early Development Services in September
1999, and assumed the position of President and COO of Covance in November
2001. Joe was elected to Covance's Board of Directors in June of 2004 and
assumed the CEO role in January 2005. Prior to Covance, Joe spent 18 years at
American Hospital Supply Corporation, Baxter International, and Caremark
International, where he held senior leadership positions, culminating in the
position of Vice President and General Manager of Caremark's oncology
Covance, with headquarters in Princeton, New Jersey, is one of the world's
largest and most comprehensive drug development services companies with annual
revenues greater than $1 billion, global operations in 18 countries, and more
than 7,000 employees worldwide. Information on Covance's products and
services, recent press releases, and SEC filings can be obtained through its
website at http://www.covance.com.
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 order volume,
the pace of translation of orders into revenue in late-stage development
services, 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. 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.