Hospira chief executive officer to retire

Hospira has announced the imminent retirement of Christopher Begley from his position as the firm's chief executive officer (CEO).

Mr Begley, who is also chairman of Hospira, is the company's founding CEO and helped to oversee its spin-off from Abbott Laboratories as an independent business in 2004.

He will continue to serve as CEO until his successor is selected, after which he will remain with the company in the position of executive chairman, where he will be able to maintain continuity of leadership.

The company has now established a search committee to find Mr Begley's successor, with a focus on external candidates with healthcare industry experience.

Mr Begley said: "The time is right for a new CEO to lead Hospira on its patient-focused journey to sustainable top-tier financial performance. I look forward to remaining an active contributor to Hospira."

Last month Hospira published its financial report for the second quarter of 2010, a period which saw the firm experience a 1.2 per cent growth in sales year-on-year.