Drugmaker Perrigo Co. announced late Monday that current chief executive John Hendrickson is retiring. The company has begun a search for a replacement.
Mr. Hendrickson, 54 years old, didn't say what prompted his decision to leave the company.
"My decision to retire this year has not been an easy one, but now is the right time for me to make this change personally and professionally, " he said, in a statement. "I look forward to continuing to work alongside our tremendous leadership team until we've successfully transitioned to my successor."
Perrigo will be hiring an executive search firm to find a new CEO, said Laurie Brlas, the chairman. Mr. Hendrickson will remain in his role up to 60 days after the new hire to help the transition.
Mr. Hendrickson became Perrigo's CEO in April 2016, after former CEO Joe Papa surprised investors and the board by quitting to join Valeant Pharmaceuticals International Inc. He has since struggled to stabilize the company, whose stock price has suffered a sharp decline due to missed earnings projections and management turmoil.
The company has been a target of activist investor Starboard Value LP, which has put five directors on the board and is pushing for a strategic review of the company's business.
Perrigo recently delayed filing its annual earnings report, because of accounting errors. Federal authorities also raided company offices in May as part of a federal probe of price collusion in the generic-drug industry.
Mr. Hendrickson began working at Perrigo as an engineer in 1989, and gained a reputation as conscientious manager who was popular with factory workers.
He recently suffered a personal tragedy. His 21 year-old son Charles died in November.
A company spokeswoman said Perrigo will be looking at external as well as internal candidates. She declined to name any potential successors.
Write to Vipal Monga at firstname.lastname@example.org
(END) Dow Jones Newswires
June 05, 2017 18:15 ET (22:15 GMT)