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Forest Labs to find new president, CEO before year’s end

BY Alaric DeArment

NEW YORK — Forest Labs president and CEO Howard Solomon will retire at the end of 2013, the company said.

The drug maker announced that Solomon would still remain as chairman through the 2014 annual meeting, retaining the title of chairman emeritus after a replacement is elected. Solomon has served as CEO since 1977, chairman since 1998 and president since 2010.

An independent committee of the company’s board of directors is looking within and outside the company for candidates to replace Solomon and plans to announce a successor before the end of the year.

 

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Coty to purchase Southeast Asian distributor

BY Antoinette Alexander

NEW YORK — Coty Inc. has reached an agreement to acquire StarAsia, a distributor of beauty products in the markets of Southeast Asia — Cambodia, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Vietnam — from Isibane Pte. Ltd.

Financial terms of the deal, which is expected to close in the summer, were not disclosed.

"The acquisition of StarAsia provides us with an established distribution platform to sell our mass brands in key developing markets in the Southeast Asia region," stated Michele Scannavini, CEO of Coty. "We are happy to welcome the StarAsia organization into the Coty family, and I am confident that the talented team there will fit in very well at Coty."

The existing management team of StarAsia will continue to lead the development of Coty`s business in the region.


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Walgreens’ Moore, Okla., store closed; mobilizes aid for tornado victims

BY Jason Owen

DEERFIELD, Ill. — Responding to Monday’s devastating tornado in the Oklahoma City area, Walgreens this week mobilized increased shipments of essential supplies to its area stores; made an initial donation of three semi-trailers of food, water and first aid supplies to the Oklahoma chapter of the American Red Cross; and offered customers an opportunity to make donations at its Oklahoma drug stores.

The Walgreens store at 1041 S.W. 19th St. in Moore, Okla., suffered severe damage and is temporarily closed. To serve that area’s pharmacy patients, the company plans to locate a temporary pharmacy trailer at the site as soon as possible, and construction workers will begin rebuilding the store this week so it can be reopened for business.

Walgreens increased shipments of items such as food, water, first aid supplies and tetanus shots to keep store shelves and pharmacies stocked with essentials. The company also worked with the Oklahoma Board of Pharmacy to enact emergency procedures that allow pharmacists to help displaced patients refill prescriptions if they lack documentation or an empty prescription bottle.

“Our hearts, thoughts and prayers go out to the people of Moore and the entire Oklahoma City area who suffered such devastating losses,” said Bill Miller, Walgreens market vice president for Oklahoma. “They include our neighbors, our customers and our employees, and we want to support them in any way we can.”

At Walgreens drug stores throughout the state of Oklahoma, store employees began inviting customers to make point-of-purchase cash donations to the American Red Cross in amounts of $1, $5 and $10.

At least 18 Walgreens employees suffered property losses, ranging from moderate damage to property and automobiles to homes completely lost. Employees who suffered losses can apply for financial assistance to the Walgreens Benefit Fund, which was established by company founder Charles R. Walgreen Sr. after his death in 1939. The Walgreens Benefit Fund is a nonprofit organization devoted to distributing financial assistance to company employees who experience financial difficulties due to circumstances beyond their control, including natural disasters.


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