Watson Pharmaceuticals Announces Management Changes
CORONA, Calif., Jan. 28 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) announced today that Dr. Melvin Sharoky has resigned as President of Watson Pharmaceuticals, Inc. Dr. Sharoky was previously President of Circa Pharmaceuticals, Inc. ("Circa"), and joined Watson in July, 1995 when it acquired Circa. His duties at Watson will be assumed by Dr. Allen Chao, Chairman and Chief Executive Officer of Watson.
Dr. Sharoky will remain a member of the Watson Board of Directors until the 1998 meeting of the Watson stockholders. Dr. Sharoky will also continue as President of Somerset Pharmaceuticals, Inc., where he has been devoting a substantial portion of his time.
"We appreciate Mel's many contributions over the past few years," commented Dr. Allen Chao. "This announcement formalizes Mel's reduced role in the day-to-day operations at Watson."
In addition, Watson announced that effective January 31, 1998, Mr. Patrick McEnany will resign from his position as Vice President of Corporate Development and as President of Watson's subsidiary, Royce Laboratories, Inc. ("Royce") to pursue other business interests. Mr. McEnany was Chairman, President and Chief Executive Officer of Royce when it was acquired in 1997 by Watson. Mr. McEnany will become a consultant to Watson.
"With the integration of Royce into the Watson organization now complete, Pat has decided to continue with his entrepreneurial efforts in other settings," commented Dr. Allen Chao. "We are pleased that Pat will continue his association with Watson as our consultant."
The Securities and Exchange Commission (SEC) encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. Due to changing market conditions, product competition, the nature of product development and regulatory approval processes, the achievement of forward-looking statements contained in this press release are subject to risks and uncertainties. For further details and a discussion of these risks and uncertainties, see Watson's SEC filings, including its annual report on Form 10-K.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is engaged in the development, manufacture and sale of off-patent and proprietary pharmaceutical products.
SOURCE Watson Pharmaceuticals, Inc.
CO: Watson Pharmaceuticals, Inc.
ST: California
IN: MTC
SU: PER
01/28/98 06:33 EST prnewswire.com
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