Perrigo Expanding Consumer Portfolio After Finding Problems Slowing Growth
"Probably the worst offense" among Perrigo's problems is that before appointing President and CEO Murray Kessler in November, it had three CEOs since 2016, making him the fourth chief executive in three years, says Kessler. Perrigo's move to a self-care focus means "a broader emphasis on the wellness component of health and wellness" and opening its portfolio of products and categories to areas including nutraceuticals, oral care, probiotics, therapeutic skin care products and others.
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Perrigo appoints Ray Silcock, whose experience includes working with the firm's CEO, Murray Kessler, in the tobacco industry, as CFO. Vitamin Shoppe's Bill Wafford will leave May 5.
Providing self-care products "opens this organization up to massive opportunity" which Perrigo will identify in early 2019, says new CEO Murray Kessler. It remains committed to selling or spinning off its Rx unit, though it's "just a few FDA approvals away from significantly" growing, he says as firm reports $68m net loss in its latest quarter.
Amazon introduced Basic Care line of cough, cold, allergy and digestive treatment OTCs developed in a partnership with Perrigo. The range could be a major threat to store brand and private label OTCs, though success may depend on whether consumers wait for Amazon deliveries or shop at stores.