LIAM Nagle will stand down from his role as chief executive of Newry-based veterinary pharma firm Norbrook Laboratories at the end of this year, but will stay on as chairman.
He will be succeeded in the CEO's chair by Rome-born Andrea Iucci, former senior vice president at US-owned global pet healthcare giant Idexx.
Nagle (61) has been with Norbrook since 2015, where his strategic vision and operational focus have enabled the company to deliver improvements in all areas of the business.
Norbrook - which has annual sales of close to £250 million - says his departure “is part of a succession plan to build on the business transformation that has taken place in recent years”.
As part of wholesale changes within the company - which was established in 1969 by the late Lord Ballyedmond (Eddie Haughey) - Norbrook made 180 workers redundant in May as part of what it said were “significant changes in our operating environment”.
And as revealed by The Irish News in late-July, Kevin Holland, the former chief executive of Invest NI, unexpectedly stepped down from his role as chief commercial officer at Norbrook after just 16 months “for personal reasons”.
Mr Nagle said: “I would like to thank the board of directors, shareholders, Norbrook employees, and our loyal customers for their support in my time as CEO.
“I truly believe we have a great business, in a great sector, and I look forward to Andrea leading the business through its next phase. I'm honoured to continue my involvement in Norbrook as chairman of the board, and will work closely with Andrea to ensure a smooth transition.”
Lady Ballyedmond, vice-chair on Norbrook's board, said: “I thank Liam for his leadership, vision, and commitment over the past nine years.
“As chief executive, and latterly chairman and CEO, he has led the transformation of Norbrook, leaving the company well-equipped to compete in the years ahead.
“I am delighted to welcome Andrea as our new chief executive and I'm confident his skills and experience will help us to create a good future for Norbrook, building on the strong foundations already in place.”
Andrea Iucci who before Imexx worked all over the world with companies such as Abbott Pharmaceutical, Pfizer, J&J, Zambon and Avantgarde, said: “I'm excited by the opportunity to join Norbrook and continue the great work done by the team. I want to leverage my commercial background and years of experience to build on its strong foundation and drive significant growth globally.”
