Bain Capital, Cinven to nominate Claudio Albrecht CEO and CFO of STADA
Bain Capital and Cinven announce their intention to nominate Claudio Albrecht as new Chief Executive Officer and Mark Keatley as new Chief Financial Officer of STADA Arzneimittel. Prior to this, the current CEO Engelbert Coster Tjeenk Willink and CFO Dr Bernhard Düttmann had announced at the STADA Annual General Meeting that they would be ready to step down from their interim positions before expiry of their contracts following the successful completion of the public takeover by Bain Capital and Cinven. In line with German Corporate Governance, the actual appointment of Claudio Albrecht and Mark Keatley will be decided upon by the Supervisory Board of STADA once its new members have been appointed by Court.
Bain Capital and Cinven thank Mr Tjeenk Willink and Dr Bernhard Düttmann for their significant contribution and excellent leadership over the past months. In the interest of all stakeholders of STADA, both shareholders will work with the newly composed Supervisory Board of the Company towards a fast transition from the current to the new Executive Board while ensuring continuity. Dr Barthold Piening, Chief Technical Officer of STADA, will remain in his position.
Claudio Albrecht and Mark Keatley both have unique backgrounds in the global generics industry, where they have led highly successful growth strategies at major corporations. Claudio Albrecht was Chief Executive Officer and Chairman of generics company Actavis Group until its sale to Watson in 2012. Under his leadership, Actavis grew its revenues to over EUR 2 billion and expanded its international footprint significantly. Previously, he had been CEO of Ratiopharm Group, having started his career in the generics business of Sandoz.
Mark Keatley served as Chief Financial Officer of Actavis Group until its sale in 2012. He also has strong expertise in managing growth and transformation strategies in the generics industry and beyond. Previously he was CFO of Famar, a European contract manufacturer for the healthcare industry. He has also worked in medical diagnostic services, investment banking and private equity.
Claudio Albrecht and Mark Keatley have most recently worked at Albrecht, Prock & Partners, a global strategy consulting firm with a focus on the pharmaceutical and healthcare industry. Over the past years they have advised on multiple major engagements in the generics and broader healthcare sector, including supporting Bain Capital and Cinven during the due diligence process ahead of the successful takeover offer.
Michael Siefke, Managing Director at Bain Capital and Bruno Schick, Partner at Cinven said: "We are very pleased that Claudio Albrecht and Mark Keatley have decided to join STADA as the new CEO and CFO. With their significant expertise in managing comprehensive global growth and transformation strategies in the generics industry, they are uniquely qualified to lead STADA into the next phase of expansion. It was previously intended that Claudio Albrecht would join the Supervisory Board of STADA alongside the representatives of the new majority shareholders. Cinven and Bain Capital have now asked him to step in as CEO, subject to approval of the Supervisory Board, to lead the process of transition to a privately held company, and we are delighted that he has accepted this role. In due course, we expect him to join the STADA group in a Non-Executive role as originally envisaged once a CEO has been recruited who will lead STADA in the long run. We would also like to thank Engelbert Coster Tjeenk Willink and Dr Bernhard D?ttmann for their excellent service to the company, and their readiness to lead a challenging process towards what is now a stable ownership structure and promising future."