West Pharmaceutical Services Inc. said Wednesday that its longtime CEO Donald Morel plans to retire in May. The company, which makes syringes, medicine vials and other medical products, also narrowed its earnings outlook for the year.
West's shares fell more than 3 percent Wednesday morning.
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West Pharmaceutical did not name a replacement for 57-year-old Morel. The company said it is searching for its next CEO.
Morel has been CEO for 12 years. He began working at the company in 1992. Morel said in a statement that he is stepping down to "focus on my family and pursue my philanthropic goals."
The company, based in Exton, Pennsylvania, said it expects third-quarter earnings of 43 cents per share, matching what analysts expected, according to FactSet. West Pharmaceutical said it will release third-quarter results Oct. 30.
For the full year, it now expects earnings between $1.77 per share and $1.82 per share. Its previously expected earnings between $1.77 per share and $1.89 per share. Analysts expected 1.82 per share.
West Pharmaceutical shares fell $1.55, or 3.4 percent, to $43.82 in morning trading Wednesday.