Shares of Endo International PLC (NASDAQ: ENDP) saw a handy gain in Friday’s session after the company announced a change in senior management. The company said that its board of directors has named Paul V. Campanelli as president and chief executive officer, effective immediately.
So far in 2016, this company has been on the long way down and perhaps a change at the top is best. Excluding Friday’s move, Endo has sank about 67% year to date, and over the past 52 weeks the number only gets worse, with the stock down 73%.
Currently, Campanelli serves as president of Endo’s generic and OTC drugs business, Par Pharmaceutical, which accounts for roughly 60% of Endo’s total revenues through the first half of 2016. Campanelli, who will also join Endo’s board of directors, succeeds Rajiv De Silva, who has stepped down as president, CEO and a member of the board.
For a little more background: Campanelli joined Endo in 2015 following Endo’s acquisition of Par Pharmaceutical, where he had served as CEO since 2012. While CEO of Par, Campanelli built a strong leadership team and an industry-leading generics business. Specifically, during his tenure, Par significantly increased total revenue, acquired JHP Pharmaceuticals and established a presence in the European generics market. Since joining Endo, Campanelli has overseen the company’s U.S. generic pharmaceuticals business.
Roger H. Kimmel, board chair at Endo, commented:
Given the continued evolution of Endo’s business and Paul’s impressive track record of delivering strong operating results, the Board concluded that Paul is the right leader for Endo at this juncture as we focus on execution and increasing the value of our attractive U.S. Branded, U.S. Generic and International pharmaceutical assets. Paul has spent a significant portion of his career leading and operating complex generics businesses and overseeing Par’s branded business. The Board believes his experience positions him to drive a broad range of growth initiatives across Endo’s entire portfolio, generating better health outcomes for patients and creating value for Endo’s shareholders.
Shares of Endo were trading up 15% at $23.29 on Friday, with a 52-week trading range of $12.56 to $74.70.