Mylan puts Bresch into CEO chair
Mylan ($MYL) will have a new CEO for 2012. Robert Coury (photo), who's served at the generics maker's helm since 2002, is stepping down, ushering current President Heather Bresch into his place. Mylan COO Rajiv Malik, who joined the company with its buyout of Matrix Laboratories, will then take on Bresch's job. Coury will remain at the company as executive chairman.
Bresch clearly was being groomed for the CEO job; she was appointed to the board in March, and she's taken on an increasingly public role at the company. One of her recent projects was lobbying for FDA user fees on the generics business to fund overseas manufacturing inspections and help speed approval of copycat drugs. Bresch has also made some less-than-flattering headlines in a controversy over her MBA from West Virginia University, which the school rescinded.
In a statement, Coury said he has been cultivating Mylan's new management team over the past several years. "These leadership changes reflect our longstanding commitment to broadening and strengthening our management bench," he said, adding he's confident Bresch's transition to the CEO slot "will be a seamless one." Mylan is the third-biggest generics maker on the globe, with $1.58 billion in third-quarter sales and 2010 revenues of $5.49 billion.
Special Report: Robert Coury - 2010 CEO Pay