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Biotech / Medical : wla(warner lambert) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (519)	2/1/1999 4:53:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 942

Dow Jones 16:24 New Warner-Lambert CEO Faces Challenge After Goodes Retires NEW YORK (Dow Jones)--Melvin Goodes' early retirement from the helm of drug giant Warner-Lambert Co. (WLA) will present his successor with the challenge of maintaining growth at the company, but analysts said they are confident Lodewijk J.R. de Vink can fill the role of chairman and chief executive. "The successor has a very high bar to replicate," said Gruntal & Co. analyst David Saks, who noted Warner is coming off a tremendous success with 40% earnings per share growth in 1998 and the acquisition last week of biotechnology concern Agouron Pharmaceuticals Inc. (AGPH). But "it's a groomed, orderly succession," he added. And that, observers said, will make the transition much easier. De Vink currently serves as Warner-Lambert's president and chief operating officer and has been in the position since 1991, the same year Goodes became chairman and chief executive. "These two people have worked together very closely," said HKS & Co. analyst Hemant Shah. "And it comes across in every analyst meeting you attend," he said. But with Goodes' departure on May 1, de Vink will be left to steer the reins, quite a task considering his soon-to-be predecessor is credited with leading Warner through one of its most crucial transitions. "He was the one who was there standing watch during an incredible turnaround," said Hambrecht & Quist analyst Alex Zisson. At the time Goodes was named chairman, Warner-Lambert had a market capitalization of $9 billion and was expected by many to exit the pharmaceutical business and focus solely on consumer products like razors, gums and mints. But Goodes made decisions that helped the company achieve strong growth on the pharmaceutical side. "He really gets credit for not panicking and selling," Zisson said. The company's market capitalization today stands at $60 billion. (MORE) DOW JONES NEWS 02-01-99 04:24 PM