HERTFORDSHIRE, England and PITTSBURGH -- The Mylan N.V. (NASDAQ: MYL) Board of Directors today announced the appointment of Robert J. Coury, previously chairman of the Mylan Board, to the position of executive chairman of Mylan.
Given the unprecedented current operating environment due to the COVID-19 pandemic, the extensive ongoing activity and preparations required to close the proposed combination of Mylan and Upjohn, a division of Pfizer (the "Combination"), and to position the new company that will result from the Combination, Viatris, for long-term success, as well as numerous other ongoing initiatives underway within Mylan, the Mylan Board has determined that it is in the best interests of the company for Mr. Coury to assume this position effective immediately. Among other responsibilities, he will partner closely with Chief Executive Officer Heather Bresch, President Rajiv Malik and the entire management team to ensure Mylan continues to make progress on its integration planning efforts related to the Combination, while also continuing to protect its employees and maintain its supply of critical medicines to help address public health needs amid the evolving COVID-19 crisis.
Mylan vice chairman and lead independent director, Mark Parrish, said: "The Mylan Board of Directors is extremely pleased that Robert has agreed to resume the executive chairman position during these extraordinary times. The Mylan Board recognizes that Robert's unique vision and strategic contributions, his unending passion for Mylan and its successes, as well as his proven leadership in anticipating and responding to challenges, are more important than ever. Robert knows the business, our leaders and the industry, and he will continue to serve a critical role in the transition from Mylan to Viatris."
Mylan executive chairman, Robert J. Coury, said: "I am honored to return to the role of executive chairman and am grateful for the Mylan Board's continued confidence. I look forward to working with the entire Mylan team to help oversee and navigate the unique responsibilities that Mylan and the pharmaceutical industry have amid the evolving COVID-19 pandemic. There's never been a more important time to have all hands on deck to ensure the safety and wellbeing of our employees while also working to maintain the supply of critical medicines for patients in the more than 165 countries we serve."
Coury continued: "In addition to my other responsibilities and duties, I'm equally committed to and energized by the progress we continue to make toward the close of the Combination, including efforts to ensure continuity between Mylan's current management team and Viatris' future management team. I am confident in our ability to bring our two organizations together in a way that helps achieve our common goal and objective of best positioning Viatris for success in creating value for all shareholders for many years to come following the close of the Combination."
The appointment serves to formalize and align Mr. Coury's title with the significant role he has played since the start of the Mylan Board's strategic review and leading up to and following the announcement of the Combination. During the months since, Mr. Coury has dedicated a tremendous amount of his time in guiding the company through this transformational period. This action is also consistent with, as previously agreed among Mylan, Pfizer and Upjohn, his selection as executive chairman of Viatris when the Combination closes, as well as with the Mylan Board's previously disclosed intent to appoint Mr. Coury as executive chairman of the company should the Combination not close.
The Mylan Board and Mr. Coury have agreed that he will assume the role of executive chairman for a base salary equivalent to the cash compensation he currently receives for his services as non-executive chairman. Any extension of his agreement or modification of the compensation and benefits contemplated by his employment agreement will either be determined by the Viatris Board of Directors, should the Combination close as anticipated, or by the Mylan Board if it does not.
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