Hospira announces change of chairman

Hospira has announced that John Staley is to be appointed new non-executive chairman of the company at the start of next year.

Mr Staley – a founding director of the company's board and also currently its lead director – will be moving into his new position on January 3rd 2012, coinciding with the departure of current executive chairman Christopher Begley.

The former chief executive officer (CEO), who was succeeded by Michael Ball earlier this year, is leaving Hospira after staying long enough to ensure a smooth transition of his leadership duties.

Mr Ball and Mr Staley both thanked the outgoing chairman for establishing a strong base for growth since Hospira came into existence as a spin-off from Abbott Laboratories in 2004.

"Under Mike's leadership as CEO and Jack's direction as chairman, I'm more confident than ever in the company's bright future and ability to achieve new levels of growth and success," added Mr Begley.

Earlier this year, the company reshuffled its leadership structure further with the appointment of William Dempsey to its board of directors.