CEO Retirement and Appointment of Successor
|
For Immediate Release |
25 May 2011 |
Genus plc
("Genus" or the "Company")
CEO Retirement and Appointment of Successor
The Board of Genus, a leading global animal genetics company, announces the retirement of Richard Wood as CEO and is pleased to appoint Karim Bitar as CEO designate. Karim Bitar has over 15 years experience with Eli Lilly and Company ("Lilly") and is currently President of Lilly Europe, Canada and Australia.
Richard Wood will leave the Company on 30 September 2011 after handing over to Karim Bitar who will join Genus and the Board on 1 September 2011 and become Chief Executive on Richard's departure.
Richard has led Genus as CEO for over 14 years. During this period Genus has been transformed from a small UK operation into a truly global business with growth driven by its in-house research and development and worldwide distribution. Now holding a market leading position, Genus operates in over 70 countries spanning six continents. Notable achievements in this evolutionary process have been the successful IPO on OFEX in 1997, the acquisition of ABS Global Inc in 1999, a move to AIM in 2000, the acquisition of Sygen International plc in 2005 and following a full listing in 2007, Genus becoming a FTSE250 company.
Karim, aged 46, has extensive knowledge of the biotech market and an intimate knowledge and understanding of delivering results across continents. He joined Lilly in 1996 and became President of European operations in 2008. He subsequently helped Lilly to become one of the top growth pharmaceutical companies in Europe. Prior to this, Karim was President and General Manager of Lilly Italy, where he transformed the Italian business into one of the fastest growing pharmaceutical companies in Italy delivering double digit profit growth. Karim also held positions in Lilly of Executive Director of Global Marketing and Regional Vice President of Sales in Midwest, USA. An ex-McKinsey & Company consultant, who worked across Asia and in Europe, he has also held management roles at Johnson & Johnson and the Dow Chemical Company. Lastly, Karim holds a BSc in Biochemistry from the University of Wisconsin, Madison and a MBA (Honours) from the University of Michigan Business School.
Commenting on today's announcement, Bob Lawson, Chairman, said:
"The Board is extremely grateful to Richard for his enormous contribution to the success of the Company and for his outstanding leadership of Genus since his appointment as Chief Executive in December 1996.
Richard has laid the strongest foundations for growth and he will be retiring at a time when Genus is in tremendous shape.
Additionally, we are delighted to announce the appointment of Karim Bitar whose strategic skills and operating experience will help Genus build on the strong base established by Richard."
Richard Wood, Chief Executive, commented:
"It has been a delight and privilege to lead Genus and establish the Company as a world leader in applying science to animal breeding. During my time as Chief Executive the business has expanded globally, helping more farmers to meet growing demands for quality milk, pork and beef efficiently and sustainably.
After 14 years in the role and at 66 years of age, I believe now is the right time to retire. I would like to thank all of my colleagues for their support and commitment and wish them every success in the future.
Genus is a unique and resilient business and I have every confidence that Karim will be the right person to lead Genus into its next step of growth and development."
Karim Bitar, CEO designate, also commented: "I see a tremendous opportunity to further Genus' growth and performance in both existing and new markets. I am delighted to be succeeding Richard and I look forward to working with my new colleagues in continuing Genus' impressive record of sustainable profitable growth".
Genus Plc confirms that there are no other disclosures to be made pursuant to paragraph 9.6.13R (1) - (6) of the Listing Rules of the UK Listing Authority regarding the appointment of Karim Bitar.
For further information please contact:
Genus Plc Tel: 01256 345970
Bob Lawson, Chairman
Buchanan Tel: 020 7466 5000
Charles Ryland, Suzanne Brocks, Helen Chan
About Genus
Genus plays a key role in the world's agricultural economy in its creation of advances in animal breeding through naturally applied biotechnology, helping farmers and food producers across the world to improve quality and increase output.
Genus provides superior natural animal genetics, enabling our global customers in the bovine and porcine supply chain to produce offspring in their herds with greater production efficiency, milk and meat output and quality. The challenge of meeting growing global demand for milk, pork and beef from the decreasing resources available for food production requires innovative solutions that Genus provides.
Genus' worldwide sales are made in seventy countries under the trade marks "ABS" (dairy and beef cattle) and "PIC" (pigs) and comprise semen and breeding animals with superior genetics to those animals currently in production.
Genus' competitive edge has been created from the ownership and control of proprietary lines of breeding animals and the biotechnology used to improve them. Genus' global production and distribution network underpins our unique position in the world's growing agricultural markets.
Headquartered in Basingstoke, England, Genus is a FTSE250 company that operates in 30 countries on six continents, with research laboratories located in Madison, Wisconsin, USA.
This information is provided by RNS
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