Endo Health Solutions Inc. (ENDP: Quote) announced David Holveck, 67, President and Chief Executive Officer, will retire in 2013. The company said that he will continue to serve in his present positions until the earlier of his successor being in place or the May 2013 annual meeting of Endo shareholders. Holveck will also leave the Board at such time.
The company stated that its Board is conducting a search for the Company’s next CEO and will consider both external and internal candidates with the assistance of Korn/Ferry, a leading executive search firm.
The company also said it now anticipates 2012 adjusted earnings per share to be at or below the low end of its previous guidance range of $5.00 to $5.10. Analysts polled by Thomson Reuters expected the company to report earnings of $5.01 per share for fiscal 2012. Analysts’ estimates typically exclude special items.
Additionally, the company no longer expects to achieve its previous 2013 guidance for revenues of $3.0 to $3.2 billion and adjusted earnings per share of $5.20 to $5.40, and expects to provide updated 2013 guidance in early January.
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by RTT Staff Writer
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