(By Balaseshan) Mead Johnson Nutrition Co. (NYSE:MJN), a global pediatric nutrition company, said its Chief Executive Steve Golsby intends to retire from his position next year, and its board of directors appointed operations chief, Kasper Jakobsen, as CEO-elect.
Golsby, who plans to retire by the 2013 annual meeting of stockholders, informed the Board of his intentions at the company's Board meeting and pledged his commitment to support the succession plan in the months ahead.
Subsequently, the Board of Directors unanimously selected Kasper Jakobsen, currently Executive Vice President and Chief Operating Officer of Mead Johnson Nutrition, as CEO-elect and appointed him to the MJN Board of Directors effective immediately.
Jakobsen is expected to succeed Golsby as Mead Johnson Nutrition President and CEO upon Golsby's retirement.
Kasper Jakobsen will continue in his role as Chief Operating Officer, and the current senior leadership structure and reporting relationships will remain in effect.
Chairman Jim Cornelius said Kasper Jakobsen, as Steve's replacement, has the confidence of the full Board, reflecting his experience as a 14-year veteran, including operational leadership responsibility for the businesses in Asia, North America and Latin America prior to becoming Executive Vice President and Chief Operating Officer earlier this year.
MJN is trading down 0.73% at $85.09 on Friday. The stock has been trading between $60.62 and $87.27 for the past 52 weeks.