Forest Laboratories’ CEO to retire at the end of 2013

Forest Laboratories has detailed its succession plans following the announcement that president and chief executive officer (CEO) Howard Solomon will retire on December 31st 2013.

An independent committee of Forest board members is evaluating internal and external candidates – with assistance from executive search firm Spencer Stuart – and expects to name a successor before the end of the year.

Mr Solomon has been with the company since 1964 and has served as its CEO since 1977, playing a key role in its growth during this period.

He is expected to remain as chairman through the 2014 annual general meeting and will retain the title of chairman emeritus, while he has also agreed to act as a senior adviser to the firm following his retirement.

Kenneth Goodman, presiding independent director of Forest Laboratories, said: "Under Howard's leadership, Forest has evolved from a small-scale producer of vitamin pills into an innovative and fully integrated pharmaceutical company."

The business now employs around 5,700 people worldwide and manages global brands such as Bystolic, Daliresp, Linzess, Namenda and Teflaro.