September 29, 2008 - Cardinal Health today revealed plans for a tax-free spin-off of its clinical and medical products businesses as a separate public company that will be led by current vice chairman and med-tech industry veteran David L. Schlotterbeck.
As a result of the spin-off, which the company anticipates to be completed by the middle of 2009, both companies are expected to benefit from enhanced management focus and sharper strategic vision, as well as better alignment of management and employee incentives with performance and growth objectives, said the company.
Cardinal Health also announced that chairman and CEO R. Kerry Clark will continue to lead Cardinal Health through the spin-off and then will retire from the company. George S. Barrett, who has served as vice chairman and CEO of Healthcare Supply Chain Services since joining the company in January, will succeed Clark. Barrett has more than 25 years of experience in the health care industry, most recently serving as president and CEO of North America for Teva Pharmaceuticals.
For more information; www.cardinalhealth.com