Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that Bruce Cozadd, Co-Founder, Chairperson and Chief Executive Officer (CEO), has informed the Board of Directors of his intent to retire from his role as CEO upon appointment of the Company's next leader, expected by the end of 2025. The Board will commence a formal search process to identify a new CEO, which is anticipated to conclude within 12 months. Mr. Cozadd will retire as CEO once a successor has been appointed and will continue serving as Chairperson of the Board of Directors, providing ongoing leadership and strategic guidance to the Company. Jazz remains on track to meet its full year 2024 total revenue guidance of between $4.0 billion and $4.1 billion.
Mr. Cozadd co-founded Jazz in 2003, serving as Executive Chairman through 2009 before being appointed Chairperson and CEO in April 2009. During his nearly 22-year tenure, he has been instrumental in transforming Jazz into a diversified global biopharmaceutical company. Today, Jazz has a robust, commercialized portfolio in neuroscience and oncology and a differentiated pipeline of assets with significant market opportunities. Driven by Mr. Cozadd's vision and leadership, Jazz has developed into a market leader with a patient-centric approach to R&D and an unwavering commitment to providing life-changing treatments for patients with unmet medical needs. Mr. Cozadd successfully led a strategy to drive substantial value through strategic acquisitions and organic growth. His commitment to building a company where the culture reflects its purpose to serve patients and be a great place to work is upheld by Jazz's approximately 2,800 highly engaged employees located around the globe.
"It has been the honor of my career to co-found and lead Jazz alongside such a talented team of researchers, scientists and business professionals. Guided by a commitment to innovate on behalf of patients and their families, our team has built Jazz into a leading biopharmaceutical company," said Mr. Cozadd. "With great momentum and the business in a strong position entering 2025, I feel confident that Jazz's next leader will be well-positioned to build on our legacy of growth and success, and continue delivering for our patients, employees, partners and shareholders for years to come."
"On behalf of the Board, I want to express our deepest gratitude to Bruce for his leadership, vision and unwavering commitment to the Company. His dedication to patient-centric care and fostering a collaborative, innovative culture has been instrumental in Jazz's success," said Rick Winningham, Lead Independent Director. "The Board has been preparing for this transition through rigorous succession planning efforts, including prioritizing the ongoing development and readiness of internal leadership. As part of a thorough and diligent process, a Succession Committee of the Board made up of independent directors will lead a comprehensive and thoughtful search for Jazz's next CEO, which we intend to complete in 2025. The search will consider both internal and external candidates and the Board is focused on appointing a successor who will uphold Jazz's mission and core values and advance our growth strategy, driving value creation for the Company."
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