Albert Manzone In As Interim CEO at Perrigo

Pharmaceutical company Perrigo has announced a change in executive leadership following the departure of CEO and President Patrick Lockwood-Taylor.

The company confirmed Patrick resigned due to personal misconduct unrelated to business operations.

According to a company statement, Patrick's resignation takes effect immediately. His departure includes removal from the company board.

In the statement, Perrigo said that "certain personal conduct by Mr. Lockwood-Taylor was not consistent with the company's code of conduct and core values".

The pharmaceutical firm added that "the conduct did not involve the company's business, strategy, operations, financial reporting or results of operations".

Interim leadership takes control

Albert Manzone, a Perrigo board member, will assume the role of President and CEO on an interim basis. Albert brings over 30 years of global leadership experience to the position.

Albert previously served as deputy CEO of hospitality group Monte-Carlo Société des Bains de Mer.

His background includes time at major companies like PepsiCo and Whole Earth Brands.

Albert has served as a Perrigo board member for four years.

Discussing his new role, Albert says in the statement: "My priority as interim CEO is continuity: to keep that strategy on course and to support a talented leadership team as we sustain our momentum on value creation. I look forward to working closely with the Board and the team in the months ahead."

Board responds to conduct issues

Orlando Ashford, Board Chair of Perrigo, addressed the firm's response to the conduct matter. His comments focused on the company's operational values and expectations for senior leadership.

"Perrigo's core values are foundational to how we operate and the board expects all colleagues (especially our senior leaders) to uphold those standards at all times," says Orlando.

Orlando expressed confidence in Albert's ability to lead the healthcare company during the transition period.

"The board acted decisively and has full confidence in Albert, who brings more than 30 years of global leadership experience and a proven track record of transforming businesses at inflection points and creating value as well as deep knowledge of our business, people and self-care platform." 

The board will search for a permanent successor to Patrick. No timeline for the appointment has been disclosed.

Infant formula business under review

Perrigo revealed in its fiscal 2025 annual report that it is reviewing its infant formula operations.

The review forms part of the company's Nutrition Network Optimisation Project.

According to a November statement from Perrigo, "the review will assess a full range of alternatives and is aligned with Perrigo's 'Three-S' (stabilise, streamline, strengthen) plan and reflects our commitment to disciplined capital allocation and supporting improved return on invested capital and total shareholder return".

The company manufactures Advantage and Gentle infant formula brands. Perrigo reaffirmed its full-year guidance in the statement discussing the leadership change.

The company's infant formula segment has experienced mixed performance.

According to Perrigo, sales growth in this category was driven by its contract business but was "partially offset by lower net sales in store brand and branded infant formula due to tougher prior year comparisons, including elevated sales from customer inventory replenishment".

Financial performance shows decline

According to first-quarter results issued in May, Perrigo saw all-in reported sales decline 7.2% to US$969m.

The company attributed this decline to weaker consumer demand in the US and Europe.

Lower incidence of cough and colds contributed to reduced sales. Retailer inventory destocking also affected performance during the quarter.

Sales for infant formula reached US$90m. This represented increases of 2.1% and 1.9% in reported and organic terms, respectively.

The healthcare company continues to operate its self-care platform alongside its infant formula business. The leadership transition occurs as Perrigo assesses strategic options for its nutrition segment.