Omnicare CEO steps down
Omnicare's Chief Financial Officer John Workman has been appointed as the company's interim chief executive officer following the resignation of John Figueroa as CEO.
Figueroa, who has led the long-term care pharmacy benefits supplier since January 2011, submitted his resignation to Omnicare's board of directors on Monday.
In his resignation to the board, Figueroa stated that he believed he had achieved his goal of transitioning “Omnicare to be a more operations-driven company focused on customer service.” He was given a severance package worth $3.37 million over 18 months, according to U.S. Securities and Exchange Commission filings. The company said Figueroa resigned for personal reasons, the Cincinnati Enquirer reports. However, Figueroa's resignation comes a month after the company agreed to a $50 million settlement over charges that it illegally dispensed controlled medications to long-term care residents, and after a bid to take over PharMerica failed.
Workman was named CFO at Omnicare in November of 2009 and appointed president in February 2011. Prior to Omnicare, Workman served as Executive Vice President and Chief Financial Officer of HealthSouth Corporation from 2004-2009. The company also announced that Nitin Sahney, executive vice president and president of the specialty care unit, will take on the additional role of chief operating officer.