Sam Eldessouky will succeed Paul S. Herendeen as CFO, effective June 1, 2021
Herendeen will remain at Bausch Health as an advisor to the CEO
LAVAL, Quebec, March 11, 2021 / PRNewswire / – Bausch Health Companies Inc. (NYSE / TSX: BHC) (“Bausch Health” or the “Company”) today announced that the Chief Financial Officer (CFO) Paul S. Herendeen will be appointed to the newly created position of Advisor to the President and CEO (CEO) of Bausch Health, effective June 1, 2021. Mr. Herendeen will be replaced as CFO by Sam Eldessouky, senior vice president, controller and chief accounting officer of Bausch Health. Mr. Herendeen will remain Executive Vice President (EVP) and Head of Section 16 of Bausch Health.
“Since joining the company in 2016, Paul has had a profound impact on Bausch Health,” said Joseph C. Papa, President and CEO, Health Bausch. “When Paul began his tenure as Chief Financial Officer, the company faced significant operational and financial challenges, the most pressing of which was a colossal amount of debt, most of which fell due in the short term. His disciplined financial approach and strong operational focus have been invaluable to the Company as he developed and executed a plan to reduce our debt and extend the length of our maturities, giving businesses the freedom to operate. I am grateful to Paul for all of his contributions as CFO, and look forward to continuing to work with him in his new role. “
“It has been an honor to lead such a talented team at Bausch Health, especially over the past year in which my colleagues have shown tremendous resilience as we address the unprecedented issues and challenges arising from the COVID-19 pandemic, ”said Mr. Herendeen. “As I move to a less operational and more strategic role at Bausch Health, I am delighted that Sam Eldessouky will assume the role of CFO. Together we have accomplished a lot over the past four years, and I have no doubts that there is no one better suited than Sam to become the next CFO of Bausch Health. ”
Sam Eldessouky to become Executive Vice President and CFO of Bausch Health
Effective June 1, 2021, Mr. Eldessouky will assume the role of Chief Financial Officer and join the Company’s Executive Committee. He will report directly to Mr. Papa.
“I am pleased to announce the promotion of Sam Eldessouky to the CFO of Bausch Health and we welcome him to the leadership team, ”said Mr. Papa. in an earlier position. Additionally, over the past five years, his in-depth financial knowledge and strategic vision have helped establish effective and efficient global financial policies at Bausch Health. As we look to the future of our organization, I have no doubts that Sam’s expertise and knowledge will play a crucial role in creating long-term value for our shareholders. “
“This is an exciting time for Bausch Health, and I am very excited to contribute to the future success of the company,” said Mr. Eldessouky. “I would like to thank Paul for building a strong finance function at Bausch Health, and I am proud to lead the finance organization as we work to separate ourselves into two successful independent companies.”
Mr. Eldessouky joined Bausch Health in 2016 as senior vice president and corporate controller. In his current role, he is responsible for overseeing global oversight functions, including financial reporting, regional finance, and global policy. Previously, he was Senior Vice President, Controller and Chief Accounting Officer of Tyco International plc. During his tenure at Tyco, Mr. Eldessouky led the efforts to overhaul the Controller organization and the implementation of the corporate performance management framework, and he played a significant role in the overall turnaround. of Tyco operations. He also played a key role in the execution of the spin-offs of Covidien and Tyco Electronics in 2006 and ADT NA and Flow Control in 2012. Prior to that, Mr. Eldessouky spent ten years at PricewaterhouseCoopers (PwC), where he has held several positions of increasing responsibility. and served in the PwC country office providing technical accounting advice on complex accounting issues.
Mr. Eldessouky holds a Bachelor of Science in Accounting from Ain Shams University and a Masters in Accounting and Finance from the University of Liverpool. He is a Chartered Accountant and Certified Global Management Accountant. He was a member of the board of directors of the Financial Executives Research Foundation and of Financial Executives International. In addition, Mr. Eldessouky was a member of the Global Preparers Forum, an external advisory body to the International Accounting Standards Board, from 2007 to 2013.
A successor to Mr. Eldessouky in his current role of Senior Vice President, Controller and Chief Accounting Officer is under review by management and is expected to be announced shortly.
Update on the planned spin-off of Bausch Health’s leading eye health company
As previously announced, Bausch Health intends to split its main eye health business, Bausch + Lomb, into an independent, publicly traded company. The company has continued to make progress on its plans to accelerate the spin-off and will announce the leadership of management when it releases its first quarter 2021 financials in early May.
About Bausch Santé
Bausch Health Companies Inc. (NYSE / TSX: BHC) is a global company with a mission to improve people’s lives through our health care products. We develop, manufacture and market a range of pharmaceuticals, medical devices and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We live up to our commitments by building an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.
This press release may contain forward-looking statements, which can generally be identified by the use of the words “expects”, “expects”, “intends”, “plans”, “should”, “could”, “Could”, “” may “,” believe “,” estimate “,” potential “,” target “or” continuing “and variations or similar expressions. These statements are based on the current expectations and beliefs of management and are subject to certain risks and uncertainties which could cause actual results to differ materially from those described in forward-looking statements. These risks and uncertainties include, without limitation, the risks and uncertainties discussed in Bausch Health’s most recent annual report on Form 10-K and detailed from time to time in other documents filed by Bausch Health with the Securities and Exchange Commission of the United States and the Canadian Commission of Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, the risks and uncertainties caused by or related to the course of the COVID-19 pandemic, and the fear of this pandemic and its potential effects, including severity, duration. and the future impact are highly uncertain and cannot be predicted, and which may have a material negative impact on Bausch Health, including, but not limited to, the development times of its projects and costs (which may increase ). Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health assumes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual results, except as required by law.
SOURCE Bausch Health Companies Inc.