TORONTO, Nov. 21 /CNW/ - The Board of Directors of Patheon Inc. (TSX: PTI - News) today announced the appointment of pharmaceutical industry executive Wesley P. Wheeler as Chief Executive Officer of Patheon Inc., effective December 10, 2007. Mr. Wheeler will succeed Riccardo Trecroce, who plans to leave Patheon in the new year, following a transition period.
“With Patheon’s restructuring initiatives well underway, we are focused on taking the company forward to the next phase of growth and profitability,” said Ramsey Frank, Managing Director of JLL Partners, the Company’s largest shareholder, and Chairman of Patheon Inc.'s Corporate Governance Committee, which led the search for the new chief executive officer. “Wes Wheeler is a highly experienced pharmaceutical executive with a proven record of leading successful, international businesses. His in-depth knowledge of the industry and breadth of pharmaceutical experience will serve Patheon well as we move forward to grow and deliver improved value to our stakeholders.”
“We would like to thank Riccardo Trecroce for his commitment and contributions to Patheon over his seven years with the Company,” said Peter Green, Chairman of Patheon’s Board of Directors. “Riccardo led Patheon through a particularly challenging time in its evolution, successfully recapitalizing the company earlier this year and launching restructuring and operational initiatives to improve the Company’s profitability. We thank him for his dedication and wish him every success in his future endeavours.”
Mr. Wheeler’s 29-year career includes multinational experience in pharmaceutical manufacturing, sales and marketing, R&D and engineering with three global pharmaceutical companies. He joins Patheon from Valeant Pharmaceuticals International, a California-based global specialty pharmaceutical company, where he served most recently as President, North America, R&D and Global Manufacturing. Prior to joining Valeant in 2003, Mr. Wheeler served as President and Chief Executive Officer of DSM Pharmaceuticals Inc., a contract pharmaceutical manufacturer, where he led the organization through a business turnaround, significantly increasing new business, compliance and profitability in approximately 13 months. Prior to DSM, Mr. Wheeler was Senior Vice-President of Logistics and Strategy for GlaxoSmithKline plc. In this role, Mr. Wheeler was responsible for managing the manufacturing rationalization of Glaxo Wellcome and SmithKline Beecham, which included a supply network of over 100 plants in 41 countries. Previous to his manufacturing role, Mr. Wheeler was Vice President of Marketing for Glaxo Wellcome, responsible for antibiotic, antiviral, gastrointestinal and metabolic products. In addition to brand marketing, he was instrumental in developing the marketing services infrastructure for Glaxo Wellcome. Mr. Wheeler joined Glaxo in 1989 after a 12-year career at Exxon Research & Engineering Co.
Mr. Wheeler holds a bachelor of science degree in mechanical engineering from Worcester Polytechnic Institute and a master of business administration degree from California Lutheran University.
“Patheon is a well-positioned, global service provider to the pharmaceutical industry. The company has developed a solid foundation for growth and I intend to work closely with its many clients, its Board of Directors and its employees to deliver continued results for our industry,” said Mr. Wheeler. “I look forward to building on Patheon’s track record of success and ultimately increasing value for its shareholders.”
Patheon (TSX:PTI; www.patheon.com) is a leading global provider of drug development and manufacturing services to the international pharmaceutical industry. Patheon operates a network of 14 facilities in the United States, Canada and Europe, employing more than 5,100 people and serving a client base of more than 250 pharmaceutical and biotechnology companies.
For further information
Mr. Ramsey Frank, Managing Director, JLL Partners, Tel: (212) 286-8600, Fax: (212) 286-8626, Email: r.frank@jllpartners.com Ms. Shelley Jourard, Director, Corporate Communications, Tel: (905) 812-6614, Fax: (905) 812-6613 Email: sjourard@patheon.com
Source: Patheon Inc.
