Forest Laboratories, Inc. Hires Search Firm to Hunt for New CEO

Forest Laboratories Inc said on Monday its board had hired executive search firm Spencer Stuart to find a successor to its 84-year-old chief executive, Howard Solomon, and urged shareholders to reject director nominees put forth by activist investor Carl Icahn. The U.S. drugmaker said its independent directors are leading the search process, which includes the consideration of internal and external candidates. The company said it had a deep management bench, which included David Solomon, who is the son of its long-time CEO and was promoted in November 2010.