Dollar General CEO retiring
GOODLETTSVILLE, Tenn. — Dollar General on Friday announced that its chairman and CEO, Rick Dreiling has informed the board of directors of his intent to retire as CEO effective May 30, 2015 or upon the appointment of a successor. Dreiling has agreed to serve, at the discretion of the board, as chairman during a transition period following the appointment of a new CEO.
Dreiling has served as CEO since January 2008 and was named chairman of the board in December 2008. Under his leadership, the company's annual sales have increased more than 80% to $17.5 billion in 2013 and store count has increased by 38% to more than 11,000 stores in 40 states.
"Dollar General is a great company because of our people and our mission of serving others. I am extremely proud of Dollar General's track record of success over the past six years, and I am honored to have had the opportunity to lead such an experienced and talented team," Dreiling stated. "Dollar General is in a strong position today, and I'm confident it has excellent prospects for the future. After considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement. I plan to work with the board of directors on recruiting and mentoring a new CEO."
Mike Calbert, the company's lead director, said, "Rick Dreiling has proven that he is clearly one of retail's leading CEOs. On behalf of the entire board of directors, I want to thank Rick for his outstanding leadership. During his tenure as CEO, Rick has driven significant shareholder value and led the company's improvement on essentially every key operating metric. In addition, he has recruited and developed an outstanding management team and strengthened the company's culture and mission. The board is confident the company is well-positioned as we search for a new CEO. We're fortunate to have Rick in his role until the new CEO assumes these duties."
The Dollar General board of directors is conducting an internal and external search for a CEO.
ABC acquires minority stake in Brazil’s Profarma Distribuidora de Produtos Farmacêuticos
VALLEY FORGE, Pa. — AmerisourceBergen on Thursday announced that it has completed the acquisition of a minority stake in Profarma Distribuidora de Produtos Farmacêuticos, a leading pharmaceutical wholesaler in Brazil. In addition, AmerisourceBergen and Profarma have launched a joint venture to provide enhanced specialty distribution and services to the Brazilian marketplace.
The company has invested a total of approximately $110 million in an approximately 19.9% minority stake in Profarma, and a 50% stake in the specialty joint venture.
“With Profarma’s long history of success and AmerisourceBergen’s extensive expertise in specialty distribution, I am very excited about the potential this unique combination brings to the Brazilian market,” stated Steven Collis, AmerisourceBergen president and CEO. “This represents a tremendous opportunity to expand our international presence, introduce new products and services into a fast-growing market, and enhance future growth for both companies.”
Profarma believes that it has taken two important steps with the capital increase and the creation of the joint venture. “We feel proud of and motivated by the association with AmerisourceBergen. We believe both companies will benefit from sharing knowledge and experience. In addition, the capital increase gives us the strength we need to forge ahead with our growth strategy,” commented Sammy Birmacker, Profarma’s CEO.
The specialty joint venture will be led by Craig Miller, who will serve as the CEO of the specialty joint venture, and who previously led AmerisourceBergen’s U.S. BioServices. “I am looking forward to helping shape healthcare delivery in Brazil through our knowledge, reach and partnership with Profarma, and to the benefit of our manufacturer and healthcare provider customers worldwide,” said Miller.
Dr. Reddy’s launches generic Cymbalta
HYDERABAD, India — Dr. Reddy's Labs on Friday announced the launch of duloxetine delayed-release capsules USP in 20 mg, 30 mg and 60 mg dosage strengths. The drug is the generic version of Cymbalta from Eli Lilly and Co.
Cymbalta and its generic equivalents had sales in the United States of approximately $5.0 billion for the 12 months ending April 2014, according to IMS Health.