| COVANCE ELECTS JOSEPH L. HERRING AS PRESIDENT AND CHIEF OPERATING OFFICER |
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Princeton, New Jersey, November 8, 2001 — Covance Inc. (NYSE: CVD) today announced that its Board of Directors has elected Joseph L. Herring as President and Chief Operating Officer. He was previously Covance Senior Vice President and President, Early Development Services. Mr. Herring will have operating responsibility for Covance's business units worldwide and will report to Mr. Chris Kuebler, Covance's Chairman and Chief Executive Officer.
"This move reflects Covance's commitment to building a team of superior operational leaders with the talent and experience to deliver outstanding service levels and to create more strategic relationships with all of our customers. Joe has already helped accomplish this in Covance's early development business, and now he will have the opportunity to apply his skills across our full range of services," said Mr. Kuebler.
Chief Operating Officer is a new position for Covance. Mr. Kuebler had previously been President concurrent with his other positions.
Mr. Herring, 46, joined Covance in 1996 as Corporate Vice President and General Manager of Laboratories North America, the Company's preclinical testing group. In 1999, he was promoted to Corporate Senior Vice President and President, Early Development Services where he was responsible for the Company's global preclinical and Phase I businesses. Under Mr. Herring's leadership, Early Development Services has grown significantly and today represents one of Covance's most profitable and most strategic businesses. He was responsible for extending key early development capabilities into new markets, and implemented new systems and technologies to enhance the quality and timeliness of toxicology data for our customers. Today, Covance is the global market leader in providing early development services.
Mr. Herring holds a Bachelor of Science degree from Louisiana State University. Prior to Covance, he served for over 18 years with American Hospital Supply/Baxter/Caremark holding a variety of executive positions. Mr. Herring's most recent position before joining Covance was Vice President and General Manager of Oncology Services for Caremark Inc.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2000 pro forma revenues of $737 million, operations currently in 17 countries, and approximately 7,200 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. |
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