inVentiv Health Announces Executive Management Changes
SOMERSET, N.J., May 08, 2007 /PRNewswire-FirstCall/ -- inVentiv Health, Inc. today announced several executive management promotions and appointments to further strengthen its organization and to better position inVentiv for the next wave of growth.
Blane Walter has been promoted to the newly-created position of President of inVentiv Health, focusing on overseeing day-to-day the Company's operating divisions and strategic integration across them to continue driving profitable growth, developing new client solutions, and enhancing a single integrated positioning to clients. Mr. Walter currently is President and CEO of inVentiv Communications, and previously served as CEO and principal owner of inChord Communications, which inVentiv acquired in October 2005. During the 12 years he spent with inChord, Mr. Walter grew it from 35 employees to more than 1,000 employees worldwide today.
Terrell Herring has been promoted to the newly-created position of Chief Operating Officer of inVentiv Health, in addition to his role as President and CEO of inVentiv Commercial, and will report into Mr. Walter. In this additional role, Mr. Herring will lead the organization in more effectively delivering cross-selling and integrated solutions to clients, implementing a single operational backbone to support inVentiv's scale and growth, and assimilating additional acquisitions into the organization. Mr. Herring, who joined inVentiv in 1999 and has built inVentiv Commercial into the clear industry leader offering integrated services across a broad range of sales teams and complementary services, brings more than 20 years experience in the pharmaceutical industry.
David Bassin has been promoted to Chief Financial Officer of inVentiv Health, reporting into inVentiv Health CEO Eran Broshy. John Emery, inVentiv's current CFO, will retire from the Company. Mr. Bassin is currently CFO and COO of inVentiv Commercial, responsible for providing financial, strategic and operational management for all of the inVentiv Commercial business units. After a career as an auditor with Arthur Andersen, Mr. Bassin, a Certified Public Accountant, joined inVentiv in 1999 in conjunction with the Company's spin-off from Snyder Communications and led the corporate financial planning and analysis group and several other corporate functions prior to his current position.
William O'Donnell has been promoted to President and COO of inVentiv Communications, reporting to Mr. Walter. Mr. O'Donnell has served as CFO and Chief Administrative Officer of inVentiv Communications since 2001, with responsibility for providing strategic financial and administrative management, acquisitions, partnerships and joint ventures, and overseeing accounting/finance, hum resources, marketing communications and technology departments. Prior to joining inVentiv Communications, Mr. O'Donnell spent 17 years with Bank One (now JP Morgan Chase), ultimately as CFO for Bank One's Retail Customer and Channel Group.
Commenting on these appointments, Eran Broshy, Chairman and Chief Executive Officer, said: "To continue accelerating inVentiv's momentum and success as we approach the $1 billion revenue threshold we have further strengthened our leadership team. I am confident that this leadership structure will better enable us to deliver cross-selling and integrated solutions across our broad range of offerings, better leverage a shared backbone across our businesses, and seamlessly integrate additional acquisitions which we expect over time to be adding. This new structure also allows me to focus more time on the strategic direction of the Company and on corporate development and acquisitions as we pursue our vision and ambition of aggressively growing into a multi-billion dollar organization with a unique market positioning across outsourced pharmaceutical and healthcare services."
Mr. Broshy continued, "We are very fortunate to have such great depth of talent across our organization, and I heartily congratulate Blane, Terry, Dave and Bill on their new roles and responsibilities. I would also like to thank John Emery for his many contributions over the last six years and wish him well as he retires from the Company."
About inVentiv Health
inVentiv Health, Inc. is the leading provider of commercialization and complementary services to the global pharmaceutical, life sciences and biotechnology industries. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its three core business segments: inVentiv Clinical, inVentiv Communications and inVentiv Commercial. inVentiv Health currently works with over 200 unique pharmaceutical, biotech and life sciences clients, including all top 20 global pharmaceutical companies. For more information, visit www.inventivhealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; uncertainties related to future incentive payments; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
Web site: http://www.inventivhealth.com/
Ticker Symbol: (NASDAQ-NMS:VTIV)
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Posted: May 2007