Cardinal Health CEO George Barrett leaves post at short notice

  • Push-out Score suggests push-out forces
  • After around eight years in the position
  • Praise for Barrett
  • Mike Kaufmann taking over
  • Barrett will remain as executive chairman at Cardinal Health
  • Barrett spoke at length and said 234 words

(exechange) — Dublin, Ohio, November 06, 2017 — George Barrett, chief executive of Cardinal Health, leaves the position. It is a change at short notice. As announced by Cardinal Health, Inc. in a news release and in a regulatory filing published on Monday, November 06, 2017, George S. Barrett leaves the post as chief executive officer at the health care services company after around eight years in the position, effective December 31, 2017.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.

Barrett’s duties are taken over by Mike Kaufmann, currently chief financial officer at Cardinal Health, Inc.

No reason given

In the announcement, Cardinal Health did not explicitly explain the reason for Barrett’s imminent move, leaving room for speculation.

Barrett will remain as executive chairman at Cardinal Health

“Kaufmann will succeed George Barrett, 62, Cardinal Health’s chairman and chief executive officer since 2009, who will continue to serve as executive chairman of the board of directors through the annual meeting of shareholders in November 2018. At that time, Gregory Kenny, Cardinal Health’s lead independent director, will assume the role of non-executive chairman,” Cardinal Health said.

Share price decline

The change follows a decline in the share price of Cardinal Health, Inc. since April 2015.

In the position of CEO since 2009

George S. Barrett has been the Chairman and Chief Executive Officer of Cardinal Health, Inc. since August 31, 2009.

He joined the company in 2008 as vice chairman.

From 2005 to 2007, Barrett served as president and CEO of North America for Teva Pharmaceutical Industries.

During 2007, he also served as corporate executive vice president for Global Pharmaceutical Markets.

He held the position of president of Teva USA from 1999 to 2004.

Prior to joining Teva, Barrett held various positions with Alpharma Inc., serving as president of US Pharmaceuticals from 1994 to 1997, and president of NMC Laboratories, prior to its acquisition by Alpharma in 1990.

Barrett is very involved in both local and national civic, policy and arts organizations, serving on the board of directors of the Federal Reserve Bank of Cleveland, Nationwide Children’s Hospital and the board of trustees of the Corporation of Brown University.

He serves as chairman of the Healthcare Leadership Council and vice chair of the board of trustees of The Conference Board. He is also a member of the Business Roundtable, The Business Council and The Columbus Partnership.

Barrett also serves on the board of directors of the Rock and Roll Hall of Fame.

Barrett earned his bachelor’s degree from Brown University and a Master of Business Administration from New York University. He also holds an Honorary Doctor of Humane Letters degree from Long Island University’s Arnold & Marie Schwartz College of Pharmacy and Health Sciences, and an Honorary Degree of Fine Arts from the Columbus College of Art and Design.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered George Barrett’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 46.2017 ($).