Drug Distributor AmerisourceBergen Names New Finance Chief

By Anonymous

Drug distributor AmerisourceBergen Corp. ABC -0.35% said its finance chief Tim Guttman will retire in November and will be succeeded by Executive Vice President James Cleary.

Mr. Guttman has served as the company’s chief financial officer since May 2012, and was previously vice president and corporate controller since joining the company in 2002. He will continue to serve as an adviser further into fiscal 2019 to ensure a smooth transition, the company said.

Mr. Cleary was most recently group president, global commercialization services and animal health at AmerisourceBergen. He joined the drug wholesaler in February 2015 following its acquisition of MWI Veterinary Supply, where he served as finance chief for over a decade and oversaw the company’s public listing. Compensation details weren’t available.

AmerisourceBergen shot to attention earlier this year amid news that Walgreens Boots Alliance Inc. WBA 0.89% was in early talks to takeover the drug distributor. However, the talks appeared to stall in late February, sending both stocks lower.

The Valley Forge, Pa., company last month reported net income of $276 million on revenue of $43.1 billion for the third fiscal quarter ended June 30. That is up from net income of $50 million on revenue of $38.7 billion in the same period of fiscal 2017.

Write to Tatyana Shumsky at [email protected]