Cardinal Health Inc
CAH
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Cardinal Health : Large Ohio drug distributor names new CEO

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11/08/2017 | 07:34 pm

Cardinal Health, the largest company in Ohio by revenue, has named a new CEO.

The Dublin-based pharmaceutical distributor said Monday in a statement that it Mike Kaufmann, its current chief financial officer, will become the new chief executive starting next year.

Cardinal Health, the largest company in Ohio by revenue, has named a new CEO.

The Dublin-based pharmaceutical distributor said Monday in a statement that it Mike Kaufmann, its current chief financial officer, will become the new chief executive starting next year.

Kaufmann will take over for George Barrett, Cardinal Healths chairman and CEO since 2009.

George has built a powerful legacy and strategy that I am proud to have helped craft, Kaufmann stated. I look forward to working with him and our incredibly talented and dedicated team to build on the strong foundation we have in place and further enhance the value we provide to all of our stakeholders, while never losing sight of our ultimate goal of supporting our partners in the critical work they do serving patients and their families.

Kaufmann is a 27-year veteran of Cardinal Health with responsibility for all of the companys financial activities in addition to overseeing global sourcing for both the pharmaceutical and medical segments.

Cardinal stated Kaufmann has been instrumental in key strategic initiatives, including the companys joint venture with CVS Health, Red Oak Sourcing, where he serves on the board of directors, and the creation of Fuse, Cardinal Healths technology innovation center.

The drug wholesaler, which posted $130 billion in sales in fiscal year 2017, has made national headlines as its opioid distribution practices have fallen into scrutiny.

Cardinal Health said in January that it paid a $20 million settlement to the state of West Virginia to resolve a lawsuit from the state on its distribution practices in the state, though it still denied the states allegations about its role in flooding the state with high powered painkillers.

The Washington Post and 60 Minutes also named Cardinal Health in its report into Congress weakening the Drug Enforcement Administration ability to take action against drug distribution companies.

The report stated the pharmaceutical industry extensively lobbied for the changes, including Cardinal Health spending $1 million on lobbying activity related to the Ensuring Patient Access and Effective Drug Enforcement Act and other bills.

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The company remains under investigation by the U.S. House Committee on Energy and Commerce, along with other pharmaceutical drug wholesalers.

The company has stated it supports state and federal efforts to fight the opioid epidemic and believe more can and should be done to strengthen initiatives that aim to stem the crisis like working with physicians and healthcare professionals to address overprescribing, and educating those in medical, dental and pharmacy schools about responsible opioid use.

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