TORONTO, Nov. 21 /CNW/ - The Board of Directors of Patheon Inc. (TSX:
PTI) today announced the appointment of pharmaceutical industry executive
Wesley P. Wheeler as Chief Executive Officer of Patheon Inc., effective
December 10, 2007. Mr. Wheeler will succeed Riccardo Trecroce, who plans to
leave Patheon in the new year, following a transition period.
"With Patheon's restructuring initiatives well underway, we are focused
on taking the company forward to the next phase of growth and profitability,"
said Ramsey Frank, Managing Director of JLL Partners, the Company's largest
shareholder, and Chairman of Patheon Inc.'s Corporate Governance Committee,
which led the search for the new chief executive officer. "Wes Wheeler is a
highly experienced pharmaceutical executive with a proven record of leading
successful, international businesses. His in-depth knowledge of the industry
and breadth of pharmaceutical experience will serve Patheon well as we move
forward to grow and deliver improved value to our stakeholders."
"We would like to thank Riccardo Trecroce for his commitment and
contributions to Patheon over his seven years with the Company," said Peter
Green, Chairman of Patheon's Board of Directors. "Riccardo led Patheon through
a particularly challenging time in its evolution, successfully recapitalizing
the company earlier this year and launching restructuring and operational
initiatives to improve the Company's profitability. We thank him for his
dedication and wish him every success in his future endeavours."
Mr. Wheeler's 29-year career includes multinational experience in
pharmaceutical manufacturing, sales and marketing, R&D and engineering with
three global pharmaceutical companies. He joins Patheon from Valeant
Pharmaceuticals International, a California-based global specialty
pharmaceutical company, where he served most recently as President, North
America, R&D and Global Manufacturing. Prior to joining Valeant in 2003, Mr.
Wheeler served as President and Chief Executive Officer of DSM Pharmaceuticals
Inc., a contract pharmaceutical manufacturer, where he led the organization
through a business turnaround, significantly increasing new business,
compliance and profitability in approximately 13 months. Prior to DSM, Mr.
Wheeler was Senior Vice-President of Logistics and Strategy for
GlaxoSmithKline plc. In this role, Mr. Wheeler was responsible for managing
the manufacturing rationalization of Glaxo Wellcome and SmithKline Beecham,
which included a supply network of over 100 plants in 41 countries. Previous
to his manufacturing role, Mr. Wheeler was Vice President of Marketing for
Glaxo Wellcome, responsible for antibiotic, antiviral, gastrointestinal and
metabolic products. In addition to brand marketing, he was instrumental in
developing the marketing services infrastructure for Glaxo Wellcome. Mr.
Wheeler joined Glaxo in 1989 after a 12-year career at Exxon Research &
Mr. Wheeler holds a bachelor of science degree in mechanical engineering
from Worcester Polytechnic Institute and a master of business administration
degree from California Lutheran University.
"Patheon is a well-positioned, global service provider to the
pharmaceutical industry. The company has developed a solid foundation for
growth and I intend to work closely with its many clients, its Board of
Directors and its employees to deliver continued results for our industry,"
said Mr. Wheeler. "I look forward to building on Patheon's track record of
success and ultimately increasing value for its shareholders."
Patheon (TSX:PTI; www.patheon.com) is a leading global provider of drug
development and manufacturing services to the international pharmaceutical
industry. Patheon operates a network of 14 facilities in the United States,
Canada and Europe, employing more than 5,100 people and serving a client base
of more than 250 pharmaceutical and biotechnology companies.
For further information:
For further information: Mr. Ramsey Frank, Managing Director, JLL
Partners, Tel: (212) 286-8600, Fax: (212) 286-8626, Email:
email@example.com; Ms. Shelley Jourard, Director, Corporate
Communications, Tel: (905) 812-6614, Fax: (905) 812-6613; Email: