CEO Steven Klosk to Retire, President Shawn Cavanagh to Become Strategic Advisor to the Company
Cambrex in Advanced Stages of Search for CEO Successor
EAST RUTHERFORD, N.J., June 2, 2020 – Cambrex, the leading small molecule company providing drug substance, drug product and analytical services across the entire drug lifecycle, today announced that Steven Klosk will retire as Chief Executive Officer and member of the Board of Directors on June 30, 2020, after 28 years with the company. The company’s Board is currently in the advanced stages of a comprehensive search for Mr. Klosk’s successor. In the interim, the company will be led by an Office of the CEO comprised of Wayne Hewett, Chairman of the Board, Robert Green, Executive Vice President and Chief Financial Officer, and Samantha Hanley, Senior Vice President and General Counsel.
“The Cambrex team has been like family to me, and it has been an honor to contribute to the tremendous growth of such a special company,” said Mr. Klosk. “I am so proud of our employees whose technical expertise, dedication and integrity have enabled us to earn and maintain trusted relationships with our global clients at every stage of the drug lifecycle. I am confident the company is on a path towards continued success well into the future.”
Wayne Hewett, Chairman of the Board of Directors, said, “Cambrex’s sterling reputation is due in very large part to Steve and his commitment to making Cambrex the most valuable partner to its global customer base. He has been an outstanding leader whose legacy will have an indelible impact on the company, and the Board is grateful for all his contributions.”
In addition to Mr. Klosk’s retirement, Shawn Cavanagh will step down as President, Chief Operating Officer and member of the Board of Directors, but will take on the new role of strategic advisor to the incoming CEO and Board of Directors for an initial twelve-month period.
“It has been a privilege to work alongside Steve and our 2,100 + employees to make Cambrex the premier CDMO in our space, distinguishing ourselves for our commitment to quality, innovation and end-to-end partnerships with our clients,” said Mr. Cavanagh. “I look forward to working closely with our new CEO and the Board over the coming months to ensure the company is well positioned for this next phase in its journey.”
John Coyle and Henry Minello, members of Cambrex’s Board of Directors and Permira Partners, added, “Shawn’s dedication and passion have been critical to building Cambrex into the company it is today. We are very glad that he is staying on as an advisor in support of a seamless transition and we look forward to continuing to benefit from his insights and expertise. We are highly confident that Cambrex will build on its strong performance thanks to the excellent team Steve and Shawn have built, and won’t miss a beat during this interim period due to the Office of the CEO leadership of Wayne, Robert and Samantha.”
Cambrex is the leading small molecule company that provides drug substance, drug product and analytical services across the entire drug lifecycle. The company provides customers with an end-to-end partnership for the research, development and manufacture of small molecule therapeutics. With over 35 years’ experience and a growing team of over 2,000 experts servicing global clients from sites in North America and Europe, Cambrex is a trusted partner in branded and generic markets for API and dosage form development and manufacturing.
Cambrex offers a range of specialist drug substance technologies and capabilities including biocatalysis, continuous flow, controlled substances, solid state science, material characterization and highly potent APIs. In addition, Cambrex can support conventional dosage forms including oral solids, semi-solids and liquids and has the expertise to manufacture specialist dosage forms such as modified-release, fixed dose combination, pediatric, bi-layer tablets, stick packs, topicals, controlled substances, sterile and non-sterile ointments.
For more information, please visit www.cambrex.com
Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately US$48bn (€44bn) and makes long-term investments, including majority control investments as well as strategic minority investments, in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 250 private equity investments in four key sectors: Technology, Consumer, Services, and Healthcare. Permira employs over 250 people in 14 offices across Europe, North America, and Asia.
|For Cambrex:||Stephanie LaFiura|
|Senior Executive Assistant|
|Tel: +1 (201) 804 3037|
|For Permira:||Nina Suter|
|Head of Communications|
|Tel: +44 (0) 207 632 4037|
|Sard Verbinnen & Co|
|Brooke Gordon/Devin Broda/Julie Rudnick|
|Tel: +1 (212) 687 8080|