Shire’s chief steps down

pharmafile | October 21, 2003 | News story | |   

Shire's chief executive Rolf Stahel is to stand down after reports of a widening rift with US non-executive directors and shareholders.

Mr Stahel is credited with transforming the company fortunes over his eight years at the helm, taking from a company with an annual turnover of $3 million into $878 million sales middleweight by 2001, but a dramatic drop in share price has now prompted about his departure.

The company's share price suffered from a sustained fall earlier this year after a veiled profit warning in February.

Shire chairman James Cavanaugh acknowledged Mr. Stahel's contributions to the company but said it was now poised for a new chapter of growth.

A damaging rift between the UK and US sides of the company has now opened up with US non-executive directors and shareholders increasingly unhappy with the company performance.

The board has already begun a "global search" Mr Stahel's successor, which it plans to complete early next year.

Shire says it is still on target to deliver mid to high teen growth for 2002 and mid to high single digit earnings.

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