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AmerisourceBergen Management Updates – Chief Financial Officer leaves to pursue other interests

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AmerisourceBergen Corporation (NYSE: ABC) announced that Michael D. DiCandilo, the Company’s Executive Vice President and Chief Financial Officer, has left the Company to pursue other interests, effective immediately.

“Mike departs the Company with an impeccable record of service over his 21 years, including the past ten as our Chief Financial Officer,” said Steven H. Collis, President and Chief Executive Officer of AmerisourceBergen. “His tremendous contributions to the success of AmerisourceBergen through his fiscal leadership and business stewardship are greatly appreciated, and we wish him all the best in his future endeavors.”

Also effective immediately, Tim G. Guttman, the Company’s Vice President and Corporate Controller since 2002, will serve as acting CFO and will assume responsibility for the Company’s core financial functions on an interim basis. Guttman was previously Vice President, Finance of Syncor International, and held financial planning and financial services managerial positions at Disney Consumer Products, Pizza Hut, Inc. and PepsiCo, Inc.. Guttman started his career as a certified public accountant with accounting firm Deloitte & Touche.


AmerisourceBergen has engaged an executive search firm to manage the recruitment of a new Chief Financial Officer.

In addition, the Company said that it continues to expect diluted earnings per share in fiscal year 2012 to be in the range of $2.74 to $2.84. Also unchanged are the assumptions supporting the expected diluted earnings per share range for fiscal year 2012, including: flat to modest revenue growth; operating margin growth in the high single-digit to low double-digit basis points range; and free cash flow in the range of $700 million to $800 million, which includes capital expenditures in the $150 million range. Subject to market conditions, we continue to expect to spend approximately $400 million to repurchase our common shares in fiscal year 2012.

About AmerisourceBergen

AmerisourceBergen is one of the world’s largest pharmaceutical services companies serving the United States, Canada and selected global markets. Servicing both healthcare providers and pharmaceutical manufacturers in the pharmaceutical supply channel, the Company provides drug distribution and related services designed to reduce costs and improve patient outcomes. AmerisourceBergen’s service solutions range from pharmacy automation and pharmaceutical packaging to reimbursement and pharmaceutical consulting services. With more than $80 billion in annual revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs approximately 11,000 people. AmerisourceBergen is ranked #27 on the Fortune 500 list.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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