Perrigo appoints new chief financial officer

Perrigo appoints new chief financial officer
Perrigo says Ray Silcock is a "seasoned" consumer packaged goods veteran

22 March 2019 - Deborah Wilkes

Perrigo's chief financial officer Ronald Winowiecki has resigned after a year in the post and 10 years with the company. He has been replaced by Ray Silcock, who Perrigo described as a "seasoned" consumer packaged goods veteran.

Silcock joins the struggling consumer healthcare company as executive vice president and chief financial officer. He reports to president and chief executive officer Murray Kessler.

Perrigo said Silcock had been a chief financial officer of both public and private-equity owned companies for more than 20 years.

His most recent position was chief financial officer of INW Holdings, a contract packer of vitamins, mineral and supplements. He has also worked for Campbell Soup Company, Cott Corporation, Diamond Foods, Swift & Co and UST.

Kessler said he had worked with Silcock "on and off for over 30 years", including at UST.

"His proven track record of stabilising and then growing companies will be invaluable as we restore the Perrigo Advantage," commented Kessler.

Silcock will lead Perrigo's global finance, tax, internal audit, investor relations, corporate communications, business development and treasury functions.

Perrigo faces a number of challenges

In the fourth quarter of 2018, Perrigo reported worldwide sales down by 6.9% to USD1.20 billion. Sales by all three of its businesses declined (click here to read the News story).

Kessler, who joined Perrigo in October 2018, commented that 2018 had been a "difficult year" for the company, which was "facing a number of challenges".

On a positive note, Kessler said there had been "significant progress" against the company's transformation plans. "I am pleased with the rapid progress our team is making on its transformation plans and evolution from a healthcare company to a consumer self-care company," he said.

Kessler added that he remained confident in the company's ability to "recapture the Perrigo Advantage and bring the company back to profitable and sustainable growth".

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