DUBLIN, Ohio, Sept. 24 Cardinal Health, a globalprovider of products and services that improve the safety and productivity ofhealth care, today announced President and Chief Executive Officer (CEO) R.Kerry Clark will become chairman and CEO, effective Nov. 8 following thecompany's 2007 annual shareholder meeting. Clark, 55, succeeds CardinalHealth founder Robert D. Walter, 62, who plans to retire at the end of thecompany's 2008 fiscal year.
Since joining Cardinal Health in April 2006, Clark has continued thecompany's focus on serving health-care providers, divested businesses thatfell outside this focus, acquired several companies to complement and growcore businesses and implemented organizational changes to improve operationalperformance.
Walter will serve as executive director until June 30, 2008, after whichhe will retire from the company but remain on the board.
"The time is right for Kerry to become chairman," Walter said. "Ourtransition has gone extremely well and the company is thriving under Kerry'sleadership. I'm as confident as ever about Cardinal Health and its future."
John B. McCoy, presiding director of the board, said "Bob has workedclosely with the board for many years to plan for his succession. We aregrateful for his many years of service to Cardinal Health shareholders and arepleased with the direction Kerry is leading the company. Kerry is building ona strong foundation to create long-term value for Cardinal Health customers,employees and shareholders."
The chairmanship transition marks another milestone in Walter'sdistinguished career. As the longest-tenured chairman of a company the sizeof Cardinal Health, Walter grew the business from a small, regional fooddistributor to a diversified provider of health-care products and services andone of the largest companies in the world. An investment of $10,000 inCardinal Health stock at the time of its public offering in 1983 would beworth $8.2 million in 2007, an appreciation of more than 80,000 percent.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is an $87billion, global company serving the health-care industry with products andservices that help hospitals, physician offices and pharmacies reduce costs,improve safety, productivity and profitability, and deliver better care topatients. With a focus on making supply chains more efficient, reducinghospital-acquired infections and breaking the cycle of harmful medicationerrors, Cardinal Health develops market-leading technologies, includingAlaris(R) IV pumps, Pyxis(R) automated dispensing systems, MedMined(R) datamining services and the CareFusion(TM) patient identification system. Thecompany also manufactures medical and surgical products and is one of thelargest distributors of pharmaceuticals and medical supplies worldwide.Ranked No. 19 on the Fortune 500 and No. 1 in its sector on Fortune's rankingof Most Admired firms, Cardinal Health employs more than 40,000 people on fivecontinents. More information about the company may be found athttp://www.cardinalhealth.com.
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressingexpectations, prospects, estimates and other matters that are dependent uponfuture events or developments. These matters are subject to risks anduncertainties that could cause actual results to differ materially from thoseprojected, anticipated or implied. The most significant of theseuncertainties are described in Cardinal Health's Form 10-K, Form 10-Q and Form8-K reports (including all amendments to those reports) and exhibits to thosereports, and include (but are not limited to) the following: competitivepressures in its various lines of business; the loss of one or more keycustomer or supplier relationships or changes to the terms of thoserelations