Monday, June 11, 2012

Omnicare (NYSE: OCR) CEO Figueroa Resigns,Shares Down 7%

Omnicare (NYSE: OCR) CEO Figueroa Resigns,Shares Down 7%Atlanta, GA 6/11/12 (StreetBeat) -- Omnicare Inc. (NYSE: OCR) CEO John Figueroa has resigned from his post, effective immediately.

The company named John Workman, who serves as president and CFO, as interim CEO.

“When I joined as CEO, I was committed to transitioning Omnicare to a more operations-driven company and focusing on better leveraging our resources and capabilities to improve efficiency and enhance the customer experience,” Figueroa said in a press release. “I am proud of the progress we made as a team during my tenure.”

Figueroa joined Omnicare, which runs pharmacies for the long-term-care industry, at the beginning of 2011 following the departure of long-time top executive Joel Gemunder in summer 2010.

Figueroa’s stint as CEO was marked by a failed takeover bid for Louisville-based PharMerica Corp. (NYSE:PMC), the industry’s second-largest player after the $6 billion-a-year Omnicare.

Omnicare also has appointed Nitin Sahney, who is executive vice president and also president of the specialty care division, to the additional position of chief operating officer. Sahney’s new position will include responsibility for the long-term care division.

“John joined us during a key period of change and revitalization, and he accomplished the goals we established,” said James Shelton, chairman of Omnicare’s board of directors.

Omnicare is in the middle of a move to downtown Cincinnati from Covington.

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