Cardinal Health Names CFO Mike Kaufmann as New CEO

By Allison Prang 

Cardinal Health Inc. said Monday that Chief Executive George Barrett will step down from his post next year.

Chief Financial Officer Mike Kaufmann will become the chief executive of the pharmaceutical and medical-supplies distributor on Jan. 1.

Mr. Kaufmann has been finance chief since 2014 and joined the company in 1990.

Mr. Barrett, who has served as CEO since 2009, will remain in his role as executive chairman until the company's November 2018 annual shareholder meeting. He joined the company in 2008 and previously served as president and CEO of Teva Pharmaceutical Industries Ltd.'s North American operations.

Lead independent director Gregory Kenny will then become nonexecutive chairman, Cardinal Health said.

Jorge Gomez, CFO of Cardinal Health's medical division, will be taking over as finance chief of the entire company.

The announcements come as Cardinal Health reported profit its latest quarter fell 63% from a year ago to $115 million, as higher expenses weighed on the firm.

On an adjusted basis, earnings fell 13% to $346 million. Adjusted earnings per share were $1.09, beating analysts' estimates of $1.

Revenue rose 2% to $32.6 billion.

Cardinal Health recently completed its $6.1 billion purchase of Medtronic PLC's patient-recovery business to bolster its portfolio of medical products.

Shares were largely flat in early morning trading.

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

November 06, 2017 08:43 ET (13:43 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.