At Public Companies -- Act I here; Act II is this blog most-generally (summarized here). I'll have more soon, but this Act III is going to play out largely in secret. Why? Because this is a "dark pharma/consumer health care" role for the two -- so whatever they do, it will be much harder to track -- as the company is not public (per Reuters):
. . . .Two former top executives of drugmaker Schering-Plough Corp were named on Monday as new leaders of privately owned eye-care company Bausch & Lomb.
Former Schering-Plough Chief Executive Officer Fred Hassan will be chairman of Bausch's board, while Brent Saunders, who previously served as president of Schering-Plough's consumer healthcare unit under Hassan, will be Bausch's CEO.
Both appointments are effective immediately, said Bausch, which is majority-owned by Warburg Pincus.
Bausch's Chairman and CEO Gerald Ostrov is retiring and will serve as a consultant to the new leaders. . . .
The company was taken private a few years back. Guess who took it private? That's right -- Warburg Pincus -- in a $4.5 billion buyout. Where Fred Hassan is now a senior advisor. Cozy.
This is a one meeting a month gig for Hassan. He was first named to the B&L board last year, just seven days after the bust-up with Merck closed. Yawn.
3 comments:
What value does/did this story have? "There may be something weird going on with B+L since a member of their board has ties to WP". It's not a conspiracy or a coincidence. You hire who you know and WP is in close contact with all B+L brass. If this is reflective of your journalistic reporting skills, you'll peak with a lowly blog. Bring something to the table we can chew on.
Thanks -- I am no journalist. This is simply a record. A diary. A place to collect what happened on these topics.
This may help you, in understanding the larger significance of the above older historical piece of the overall narrative -- on this particular topic.
Namaste
It is also significant that Hassan told people in the fall of 2009 that he would be out of the health care space, and took nearly $325 million as he left.
Astonishing that there was not even a one year "sit on the sidelines, with your legs corssed" clause for that kind of loot.
Just my $0.02 -- your mileage may vary. In fact, I am sure it does.
Thanks for stopping in!
Namaste
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