Perrigo Announces Leadership Reshuffle After CEO Departure

Perrigo announces plans to reshuffle its C-suite board following the departure of CEO and President Patrick Lockwood-Taylor.

In a company statement, Perrigo states that Patrick has resigned from the firm due to “personal misconduct”. 

The pharmaceutical firm said that “certain personal conduct by Mr. Lockwood-Taylor was not consistent with the company's code of conduct and core values”.

“The conduct did not involve the company's business, strategy, operations, financial reporting, or results of operations,” it added.

Patrick’s resignation, which includes his removal from the company board, takes effect immediately.

Perrigo board member Albert Manzone will assume the role of President and CEO on an interim basis until Patrick’s successor has been found.

Upholding Perrigo’s core values

In the same statement, Orlando Ashford, Board Chair of Perrigo, discussed the firm’s business values and how Albert is best suited to position it for future success.

“Perrigo's core values are foundational to how we operate, and the board expects all colleagues – especially our senior leaders – to uphold those standards at all times,” Orlando said.

“The board acted decisively and has full confidence in Albert, who brings more than 30 years of global leadership experience and a proven track record of transforming businesses at inflection points and creating value as well as deep knowledge of our business, people and self-care platform.”

Albert’s leadership knowledge is informed by his time at major companies like PepsiCo and Whole Earth Brands, in addition to his 4-year experience as Perrigo board member. He most recently served as deputy CEO of hospitality group Monte-Carlo Société des Bains de Mer.

Discussing his new role, Albert said in the statement: “My priority as interim CEO is continuity: to keep that strategy on course and to support a talented leadership team as we sustain our momentum on value creation. I look forward to working closely with the Board and the team in the months ahead.”

Reassessing strategies to improve ROI

Alongside incoming leadership changes, in Perrigo’s annual report for fiscal 2025, it revealed a new company strategy to review infant formula under its Nutrition Network Optimization Project.

“The review will assess a full range of alternatives and is aligned with Perrigo's 'Three-S' (stabilise, streamline, strengthen) plan and reflects our commitment to disciplined capital allocation and supporting improved return on invested capital and total shareholder return,” Perrigo said in November statement.

The company, which makes Advantage and Gentle infant formula, reaffirmed its full-year guidance in the statement discussing the leadership change, following a previously launched review of that segment of its business.

For its first-quarter results issued in May, Perrigo saw all-in reported sales decline 7.2% to US$969m. The decline was attributed to weaker consumer demand in the US and Europe due to lower cough and cold incidents and retailer inventory destocking.

Sales for infant formula were US$90m, increases of 2.1% and 1.9% in reported and organic terms, respectively.

The company added that sales growth in infant formula was driven by its contract business, “partially offset by lower net sales in store brand and branded infant formula due to tougher prior year comparisons, including elevated sales from customer inventory replenishment”.