Perrigo CFO Judy Brown leaves abruptly

  • Signs for push-out forces
  • After almost eleven years on the job
  • Praise and thanks for Brown
  • Brown will join Amgen
  • Ron Winowiecki taking over in the interim

(exechange) — Dublin, Ireland, February 27, 2017 — Judy Brown, finance chief of Perrigo, leaves. It is an abrupt change. As announced by Perrigo Company plc in a news release and in a regulatory filing published on Monday, February 27, 2017, Judy L. Brown leaves the post as Chief Financial Officer at the pharmaceutical company in a surprising move after almost eleven years on the job, effective immediately.

It is the end of an era.

Brown’s duties are taken over in the interim by Ron Winowiecki, most recently Senior Vice President, Business Finance at Perrigo Company plc.

“To take a position with another company in the pharmaceutical industry”

“On February 21, 2017, Judy L. Brown informed the Company of her intention to resign as Executive Vice President, Business Operations and Chief Financial Officer, effective February 27, 2017, to take a position with another company in the pharmaceutical industry, beginning April 1, 2017,” Perrigo said.

“Not due to any disagreement”

“Ms. Brown has advised that her resignation is not due to any disagreement with the Company or any matter relating to the Company’s operations, policies or practices,” Perrigo said.

Brown will join Amgen

Brown will join Thousand Oaks, California-based pharmaceutical industry giant Amgen Inc. to serve as a senior vice president in charge of global business services and finance, Amgen said.

Brown will report to David Meline, the chief financial officer of Amgen. She will start at Amgen in April.

Share price decline

The change follows a sharp decline in the share price of Perrigo Company plc since June 2015.

Starboard Value holds 6.63 percent stake

Starboard Value LP reported a 6.63 percent stake in Perrigo Company plc as of December 31, 2016. Starboard Value is a fundamental oriented activist hedge fund focusing on small cap stocks.

Chaired by Laurie Brlas

Perrigo Company plc is chaired by Laurie Brlas.

Laurie Brlas has been a director of Perrigo since August 2003 and was appointed Chairman of the Board in April 2016.

CEO: John T. Hendrickson

John T. Hendrickson serves as CEO of Perrigo Company plc. John Hendrickson was appointed as Chief Executive Officer in April 2016 and to the Board of Directors in June of 2016.

On the job as CFO since 2006

Brown was named Executive Vice President and Chief Financial Officer in July 2006 and added Business Operations to her responsibilities in May 2016.

She served as Vice President and Corporate Controller from September 2004 to July 2006.

Previously, Brown held various senior positions in finance and operations at Whirlpool Corporation from 1998 to August 2004.

Brown is a director of Belden Corporation, a NYSE traded company, that designs, manufactures and markets cable, connectivity and networking products in markets including industrial automation, enterprise, transportation, infrastructure and consumer electronics.

Signs for push-out forces

It is not completely certain what forces eventually triggered Judy L. Brown’s 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 10.2017 ($).