Corporate Banner
Satellite Banner
Biologics & Bioprocessing
Scientific Community
Become a Member | Sign in
Home>News>This Article

Forest Laboratories Provides Update on Succession Planning

Published: Friday, May 24, 2013
Last Updated: Friday, May 24, 2013
Bookmark and Share
Howard Solomon to retire as CEO and President at the end of 2013 and will serve as Chairman to 2014 AGM and then become Chairman Emeritus.

Forest Laboratories, Inc. announced that Howard Solomon will retire as Chief Executive Officer and President, effective December 31, 2013. Subject to the same nominating and election processes annually as all directors, Mr. Solomon is expected to remain as Chairman through the 2014 Annual General Meeting (AGM), at which time another Chairman will be elected. Mr. Solomon will retain the title of Chairman Emeritus after the 2014 AGM and has agreed to serve as Senior Advisor to the Company following his retirement as CEO and President. Mr. Solomon has served as CEO since 1977, Chairman since 1998 and President since 2010.

As previously disclosed, an independent committee of Forest’s Board has been engaged in a succession planning process, including evaluating internal and external candidates. With Mr. Solomon’s retirement announcement, the Board has determined to bring the process to a close and expects to name a successor before the end of the year. The committee is being assisted by Spencer Stuart, a leading executive search firm.

Kenneth E. Goodman, Presiding Independent Director, said, “On behalf of the Board and the entire company, we would like to express our appreciation for Howard’s dedication, strategic vision and immeasurable contributions to Forest and its shareholders for nearly 50 years, 36 of those years as CEO. Under Howard’s leadership, Forest has evolved from a small-scale producer of vitamin pills into an innovative and fully integrated pharmaceutical company with a market capitalization of over $10 billion and a proud history of innovation, strong execution and delivering value for shareholders. Today, with the launches of a new generation of products, all advanced under Howard’s stewardship, Forest is positioned to build on this success. We are delighted that Howard is available to continue to serve Forest as Chairman through to the 2014 annual meeting and as a Director and Senior Advisor to the Company following his retirement as CEO and President.”

Gerald M. Lieberman, a member of the independent committee overseeing succession planning, said, “We have been actively engaged in the succession planning process for some time and agree with Howard that now is the right time to begin the transition to new leadership. There is no question that Howard has been an extraordinary chief executive. Our mission and focus now is to find the right CEO to take our products forward and build on the platform that Howard helped put in place. We appreciate his clear commitment to ensuring the smoothest possible transition.”

Mr. Solomon said, “I recognize that the time has come for me to retire from the full time responsibility of running Forest Laboratories. I will be 86 this August and I think the company is entitled to the rigorous assurances of continuity that a younger chief executive can provide. I have agreed to serve Forest as an advisor and, if elected, as a Director for the next several years. Above all, I do deeply love Forest and so many of its executives and employees with whom I have worked for so many years. It is thanks to the support and tireless effort of our extraordinarily talented employees, past and present, that we have been able to build a dynamic company with a diversified product portfolio and late-stage pipeline that is truly unrivaled in the industry. We have many opportunities ahead. In the coming months, I look forward to working with the Board and new CEO, when identified, on a seamless handover of my responsibilities and to continuing my service to Forest as a board member and Senior Advisor.”

Mr. Solomon began his career as an attorney at leading law firms in New York and joined Forest in 1964 as a director and secretary of the Board, while serving as outside counsel for the Company. He became CEO of Forest in 1977 and Chairman in 1998. Mr. Solomon is a Trustee of the New York Presbyterian Hospital and previously served on the Board of Cold Spring Harbor Laboratories. He is currently a member of the Executive Committee of the Board of Directors of the Metropolitan Opera and Chairman of its Finance Committee, a Director and former Chairman of the New York City Ballet and a Director Emeritus of Lincoln Center. Mr. Solomon graduated from the City College of New York and holds a J.D. from Yale University.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,800+ scientific posters on ePosters
  • More than 4,000+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Scientific News
"Good" Mozzie Virus Might Hold Key to Fighting Human Disease
Australian scientists have discovered a new virus carried by one of the country’s most common pest mosquitoes.
World’s First Therapeutic Venom Database
Open-source library describes nearly 43,000 effects on the human body.
Speeding Up the Process of Making Vaccines
System uses a freeze-dry concept to develop "just-add-water" solution.
Surprising Trait Found in Anti-HIV Antibodies
Scientists at The Scripps Research Institute (TSRI) have new weapons in the fight against HIV.
New Method Identifies Up to Twice as Many Proteins and Peptides
An international team of researchers developed a method that identifies up to twice as many proteins and peptides in mass spectrometry data than conventional approaches.
The Do’s and Don’ts of SPR Experiments
Surface Plasmon Resonance (SPR) is a technique that is becoming more widely used, particularly by anyone who wants to obtain accurate on (association) and off (dissociation) rates for biomolecular binding.
Genetically Engineering Algae to Kill Cancer Cells
New interdisciplinary research has revealed the frontline role tiny algae could play in the battle against cancer, through the innovative use of nanotechnology.
Novel Stem Cell Line Avoids Risk of Introducing Transplanted Tumors
Progenitor cells might eventually be used to repair or rebuild damaged or destroyed organs.
Single Vaccine for Chikungunya, Related Viruses May be Possible
What if a single vaccine could protect people from infection by many different viruses? That concept is a step closer to reality.
Blocking the Transmission Of Malaria Parasites
Vaccine candidate administered for the first time in humans in a phase I clinical trial led by Oxford University’s Jenner Institute, with partners Imaxio and GSK.

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,800+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,000+ scientific videos