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After Actavis Generic Drug Recall, CEO Steps Down

Filed August 6th, 2008 amy

Following the announcement of the big , the company announced that Robert Wessman has stepped down as CEO “to put greater focus on his investment company Salt Investments,” the company’s press release stated. Wessman will continue to serve on the Actavis Board of Directors. The new Chief Executive Officer is Sigurdur Oli Olafsson, former Deputy CEO.

Sigurdur Oli Olafsson, the new CEO of Actavis Group, said, “Actavis is currently in a strong position among the top five generic pharmaceutical companies in the world. It is important to continue the remarkable Actavis growth story, so the position at the helm is an enormous responsibility to assume. I’m ready for the challenge and look forward to continuing work with our 11-thousand employees on the continued success of the Group. Demand for generic pharmaceuticals is on the rise globally, independent of economic cycles. The development of new generic pharmaceuticals is among Actavis’ major strengths and I consider it one of our top priorities to use it to further strengthen our position in our key markets in Europe, North-America and Asia.”

The press release did not address drug safety concerns.

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