RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--
Quintiles Transnational Holdings Inc. (“Quintiles” or the “Company”)
(NYSE: Q) announced today that its Board and principal shareholders have
reached agreement on a governance plan to transition the Company’s Board
of Directors and its committees to comply with NYSE criteria as a
non-controlled company.
Quintiles’ Stockholders Agreement has been amended, calling for the
Quintiles Board to be set at nine members, comprised of a majority of
independent directors by November 2015. In the interim, the Board size
will be increased to 13 to make room for two additional independent
directors, the first of whom is Dr. John Leonard, an experienced
pharmaceutical development executive, who was appointed to the Board on
February 5, 2015. Commencing in November, the Board’s nine members will
include the chief executive officer, Dr. Dennis Gillings, CBE, one
representative each from Bain Capital and TPG and five additional
independent directors.
Gillings to Switch Roles, From Executive Chairman to Director
Dr. Gillings has indicated his desire to transition from his role as
Executive Chairman and Chairman of the Quintiles Board at the end of
2015. He will remain on the Board as a director and continue his close
association with Quintiles. The Board will go through an appropriate
governance process to select a new Chairman during the year, to be in
place by January 2016.
“We began our transition in April of 2012 with the hiring of Tom Pike
who has provided outstanding leadership as CEO,” said Dr. Gillings. “He
extended that leadership with our successful IPO in May 2013. The
company is ready on every level, with strong management, a robust growth
strategy and effective governance, reflected in this thoughtful Board
transition. I look forward to my continuing Quintiles Board duties and
partnership with Tom.”
“Quintiles will continue to benefit from the vision and leadership of
Dennis Gillings,” said Quintiles Chief Executive Officer Tom Pike. “He
is recognized around the world as a pioneer in our industry, and his
contributions have only increased over time.”
“It is a sincere privilege to work with Dennis,” Pike continued. “He is
a tremendous partner and provides invaluable support and insight as a
Board member and shareholder.”
About Quintiles
Quintiles (NYSE: Q), a Fortune 500 company, is the world’s largest
provider of biopharmaceutical development and commercial outsourcing
services. With a network of more than 32,000 employees conducting
business in approximately 100 countries, we helped develop or
commercialize all of 2013’s top-100 best-selling drugs on the market.
Quintiles applies the breadth and depth of our service offerings along
with extensive therapeutic, scientific and analytics expertise to help
our customers navigate an increasingly complex healthcare environment as
they seek to improve efficiency and effectiveness in the delivery of
better healthcare outcomes. To learn more about Quintiles, please visit www.quintiles.com.
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Source: Quintiles