Will Continue in Role Until Successor is in Place
Omnicare, Inc. (NYSE:OCR), one of the nation's leading providers of
pharmaceutical care for the elderly, today announced that David W.
Froesel, Jr., Senior Vice President and Chief Financial Officer, has
notified the Company of his intention to retire by the end of 2009. The
Company has retained an executive search firm to conduct a national
search for a replacement. Mr. Froesel plans to continue in his current
role until a successor is identified and will then assist in the
transition.
Joel F. Gemunder, Omnicare’s president and chief executive officer,
said, “As our CFO for the last 13 years, Dave was part of the team that
helped us grow from a company with revenues of $640 million to more than
$6 billion today. Dave has built a strong accounting and finance
organization that supports our Company's business strategy and future
growth while helping our efforts to integrate acquisitions, improve
operations and strengthen our financial position – all factors that have
established Omnicare as a premier provider of pharmaceutical services
for the frail elderly.”
Mr. Froesel said, "It’s been an honor to work at Omnicare and to
contribute to the tremendous growth this company has experienced. I take
pride in what has been accomplished during my tenure and am confident
that the team will continue to carry out our mission in a manner
consistent with our goal of driving enhanced and sustainable value for
our shareholders."
Mr. Froesel has served as Senior Vice President and Chief Financial
Officer of Omnicare since March 1996. From May 1993 to February 1996,
Froesel was Vice President of Finance and Administration at Mallinckrodt
Veterinary, Inc., a subsidiary of Mallinckrodt, Inc. From July 1989 to
April 1993, he was worldwide Corporate Controller of Mallinckrodt
Medical, Inc., a subsidiary of Mallinckrodt, Inc. He received a B.S. in
Accounting from the University of Missouri and an M.S. in Accounting
from St. Louis University and is a Certified Public Accountant.
Omnicare, Inc. (NYSE:OCR), a Fortune 500 company based in Covington,
Kentucky, is a leading provider of pharmaceutical care for the elderly.
Omnicare serves residents in long-term care facilities, chronic care and
other settings comprising approximately 1.4 million beds in 47 states,
the District of Columbia and Canada. Omnicare is the largest U.S.
provider of professional pharmacy, related consulting and data
management services for skilled nursing, assisted living and other
institutional healthcare providers as well as for hospice patients in
homecare and other settings. Omnicare's pharmacy services also include
distribution and patient assistance services for specialty
pharmaceuticals. Omnicare offers clinical research services for the
pharmaceutical and biotechnology industries in 31 countries worldwide.
For more information, visit the company's Web site at www.omnicare.com.
Omnicare, Inc.
Cheryl D. Hodges, 859-392-3331
