Omnicare Appoints John L. Workman as Interim CEO; Board Accepts John Figueroa's Resignation

Nitin Sahney Appointed COO

Board Initiates Search for Permanent CEO

2012 Guidance Unaffected

CINCINNATI, June 11, 2012 - Omnicare, Inc. (OCR) announced today that its Board of Directors has appointed President and CFO John L. Workman as interim CEO, effective immediately. Mr. Workman`s appointment follows the Board`s acceptance of John Figueroa`s resignation as CEO and a director of the Company. Mr. Workman will also maintain his current responsibilities as President and CFO.

The Company also has appointed Nitin Sahney, Executive Vice President and President, Specialty Care Division, to the additional position of Chief Operating Officer. Mr. Sahney`s appointment is effective immediately. Mr. Sahney`s new position will include responsibility for the Long Term Care Division.

In remarking on his decision to resign, Mr. Figueroa indicated that he believed he accomplished the goals established by the Board when he was hired, namely to transition Omnicare to be a more operations-driven company focused on customer service.

"On behalf of the Board, I would like to thank John Figueroa for his service to Omnicare," said James D. Shelton, Omnicare`s Chairman of the Board. "John joined us during a key period of change and revitalization, and he accomplished the goals we established. We wish him and his family the very best for the future."

Mr. Figueroa said, "When I joined as CEO, I was committed to transitioning Omnicare to a more operations-driven company and focusing on better leveraging our resources and capabilities to improve efficiency and enhance the customer experience. I am proud of the progress we made as a team during my tenure."

In commenting on Mr. Workman, Mr. Shelton said, "We are fortunate to have someone of John Workman`s caliber to step in and lead Omnicare as Interim CEO. John is a proven executive who has provided outstanding leadership to Omnicare as CFO and President for the last two and a half years. He has built a strong and deep financial team. In addition, he has been intimately involved in the improved operations at the company. In short, he is ideally suited to oversee the continued execution of our strategic plan while ensuring a seamless transition. We`re also pleased to have Nitin serve as COO. As head of our Specialty Care Division, Nitin has demonstrated his strength as a successful operator, and we look forward to leveraging his expertise across the entire organization."

Mr. Workman said, "I am honored that the Board has selected me to lead Omnicare on an interim basis and pleased to be partnering with Nitin Sahney in his new role as Chief Operating Officer. Omnicare delivers essential services to a rapidly changing market. To drive profitable and sustainable growth, we will continue to be focused on processes, technology and people, that improve customer service and efficiency, coupled with our continued disciplined use of cash. Given our understanding of the business, the market environment and the competitive landscape, I am confident that we will continue to successfully execute our core strategies."

See original here:
Omnicare Appoints John L. Workman as Interim CEO; Board Accepts John Figueroa's Resignation