COVANCE ANNOUNCES ORGANIZATIONAL CHANGES TO RESPOND TO PHARMACEUTICAL INDUSTRY OUTSOURCING NEEDS
Company Appoints Senior Executives To Lead Key Areas |
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Princeton, NJ, July 27, 1999 — Covance Inc. (NYSE: CVD), one of the world's largest and most comprehensive contract drug development companies, today announced several senior executive appointments. The move is designed to strengthen the Company's management team and to enhance its ability to form strategic relationships with the world's leading pharmaceutical companies.
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Stephen Sullivan (right) has joined Covance as Corporate Senior Vice President and President, Clinical Development and Support Services — now its largest market opportunity. He will have responsibility for Covance's worldwide clinical development and clinical support services including Phase II-III clinical trials management, central laboratory, packaging, and related services. Mr. Sullivan will be based at the Company's headquarters in Princeton, New Jersey and will report to the Chairman and CEO, Chris Kuebler. He will also be a member of Covance's executive committee.
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Mr. Sullivan joins Covance from Xenometrix, Inc., a Colorado-based biotechnology company, where he was the Company's Chief Executive Officer. He brings more than twenty years experience in the pharmaceutical industry and has held senior management positions with leading companies such as Abbott Laboratories, Baxter International, and Johnson & Johnson.
Announcements regarding new positions for several members of the Company's current management team were also made. These individuals will also be Princeton-based and members of the Company's executive committee.
- Joseph Herring was promoted to Corporate Senior Vice President and President, Early Development Services from his current position as General Manager of preclinical services in North America. Mr. Herring will have responsibility for Covance's preclinical and Phase I operations worldwide.
- Alan Horgan was promoted to Corporate Senior Vice President and President, Clinical Development from his current position as General Manager of clinical development services in Europe. Mr. Horgan will now lead the Company's global Phase II-III clinical operations.
- Dr. John Mills was promoted to Corporate Senior Vice President and President, Clinical Support Services from his current position as Global General Manager of central laboratory services. Dr. Mills will have responsibility for worldwide central laboratory, packaging, interactive voice response, and related services.
- Michael Wokasch was appointed Corporate Senior Vice President, Strategic Operations from his current position as Group President, Early Development Services. Mr. Wokasch will have responsibility for several of the Company's key corporate functions, including Marketing and Information Technology.
The Company is creating global management structures around core activities which represent the leading areas of drug development outsourcing by the pharmaceutical industry — Early Development, Clinical Development and Support Services, Commercialization, and Biomanufacturing. Covance's Clinical Development and Support Services will now operate with a centralized sales force to more effectively leverage marketing and sales resources for this key area.
Covance also announced the formation of a technology services group, including web-based capabilities, that when combined with process innovations and support services can accelerate drug development and lead to greater productivity and cost efficiency. The new unit - eCRO - will be part of the Company's Clinical Development and Support Services.
"We continue to make strategic moves to improve our global competitiveness and better serve the world's leading pharmaceutical companies. By continuing to align our organization more directly with their outsourcing needs, Covance will be positioned to forge stronger relationships with this key customer group," said Chris Kuebler Chairman and CEO of Covance.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 1998 revenues of $732 million, operations currently in 17 countries, and approximately 7,700 employees worldwide. Covance's purpose is to lead advancements in drug development through science, service, and shaping solutions.
Statements contained in this press release, which are not historical facts, 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 and financial performance 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, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts or multiple contracts, and other factors described in the Company's filings with the Securities and Exchange Commission. |
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