Concordia Int'l (CXRX) Appoints Allan Oberman as New CEO, Jordan Kupinsky as Chairman

November 2, 2016 7:09 AM EDT

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Concordia International Corp. (Nasdaq: CXRX) announced that its Board of Directors has appointed Allan Oberman as its new Chief Executive Officer and selected Jordan Kupinsky as Chairman of the Board of Directors. The new appointments are effective November 14, 2016.

"We are delighted to welcome Allan as our new CEO," said Jordan Kupinsky, Lead Independent Director. "CEO succession planning has long been a priority for the Board and our work in this area, including support from an experienced executive search firm, allowed for a comprehensive international search. Allan brings a wealth of experience in key areas, including operations, supply chain management, business strategy and capital markets. He was in leadership roles in major international pharmaceutical companies, is a proven industry leader and, in his short time as a Director, has demonstrated a clear understanding of the Company's current situation and its opportunities. We need to rebuild shareholder value and believe adding Allan to our already strong executive leadership team will help us achieve that."

Mr. Oberman was recently appointed to the Concordia Board of Directors and has more than 16 years of international pharmaceutical industry experience, including his recent role as Chief Executive Officer of specialty pharmaceutical company, Sagent Pharmaceuticals, Inc. Sagent was sold to Nichi-Iko Pharmaceutical Co. Ltd., Japan's largest generic drug manufacturer, in a transaction that closed earlier this year. Prior to Sagent, Mr. Oberman served as President and CEO of Teva Americas Generics from 2012 to 2014, where he was responsible for a region that included the U.S., Canada and Latin America. He joined Teva in 2000 and served as President of Teva EMIA (Eastern Europe, Middle East, Israel and Africa), where he led a diverse group of countries in achieving consistent growth. Mr. Oberman also served as the Chief Operating Officer of Teva International, and President and CEO of Teva Canada, formerly known as Novopharm Limited.

"I am excited to assume the role of CEO at Concordia, a company with a recently expanded global platform," said Allan Oberman. "Building on the strength of the executive team already in place, we will focus on delivering the best possible business performance, while looking to advance our product portfolio to further leverage this global platform and develop a strategic growth plan. I look forward to meeting all of the nearly 500 highly committed employees of Concordia and enhancing the Company's relationships with all of our other key stakeholders."

Mr. Oberman, who will continue as a Director of the Company in his new capacity, will succeed Mark L. Thompson as CEO. Mr. Thompson also served as Chairman of the Board, a role that will be assumed by Jordan Kupinsky, the Lead Independent Director, when Mr. Thompson steps down from the Board. Mr. Kupinsky has been a member of the Concordia Board since late 2013. The Board will continue its efforts to augment its ranks by searching for qualified individuals to serve as Directors.

"The Board thanks Mark for all of his dedication, leadership and the vision that he brought to Concordia. On behalf of everyone at Concordia, we wish him the very best in his future endeavours," said Mr. Kupinsky.

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