Trending >

Concordia Healthcare leadership changes get thumbs up at Laurentian

Concordia Healthcare

Concordia Healthcare

A board and management shakeup at Concordia Healthcare (Concordia Healthcare Stock Quote, Chart, News: TSX:CXR) is a positive, says Laurentian Bank Securities analyst Joseph Walewicz.

On Monday, Concordia announced several personnel changes. Out are board members Ronald Schmeichel and John Huss, who will not stand for re-election, in are industry veterans Edward Borkowski and Rochelle Fuhrmann. Meanwhile, Adrian de Saldanha has been appointed as CFO, succeeding Leith Tessy, and Wayne Kreppner will be promoted to the role of president, replacing Mark Thompson.

“On behalf of the nominating and corporate governance committee and the board of directors as a whole, I am very pleased to announce the nomination of Edward and Rochelle to the board of directors. This nomination is an important part of several recent and ongoing pharmaceutical industry leadership and corporate governance enhancement initiatives that have been undertaken by the board,” said Thompson.

Asep

Walewicz says the changes are in keeping with a company that is growing in stature.

“We view the proposed moves as a “maturing” process,” he said. “After nearly 18 months as a public company and much success, Concordia is putting in place a Board with stronger U.S. public company (and specialty pharma) financial expertise, and working to put the FTC investigation behind it. The company has long discussed that a U.S. listing is coming, and we view these changes as part of that process.”

In a research update to clients yesterday, Walewicz maintained his “Buy” rating and one year target price of $106.00 on Concordia Healthcare.

More Cantech Life Sciences

We Hate Paywalls Too!

At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.

Make a one-time or recurring donation

About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
insta twitter facebook

Comment

Leave a Reply