- Board of directors announces acting chief executive officer Benjamin Wolin to serve as president and CEO
- Fourth quarter net sales of $1.0 billion, an increase of 12% year-over-year; non-GAAP pro forma organic net sales increased 4% year-over-year
- Fourth quarter net loss of $37 million; non-GAAP adjusted net income of $20 million, a decline of 5% year-over-year on a pro forma basis
- Fourth quarter non-GAAP adjusted EBITDA of $47 million, a decline of 10% year-over-year on a pro forma basis
- Full year 2019 net sales of $4.0 billion, an increase of 5% year-over-year; non-GAAP pro forma organic net sales increased 3% year-over-year
- Full year 2019 net loss of $1.0 billion, including a non-cash goodwill impairment charge of $938 million; non-GAAP pro forma adjusted net income of $82 million, a decline of 13% year-over-year
- Full year 2019 non-GAAP pro forma adjusted EBITDA of $200 million, a decline of 9% year-over-year; full year 2019 results compare to company guidance of $190 million to $196 million
PORTLAND, Maine. March 3, 2020 — Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today announced that Benjamin Wolin will become the company’s president and chief executive officer, transitioning from the acting role he has held since October 2019. The announcement, which was made in conjunction with the company releasing its fourth quarter and full year 2019 financial results, highlights the important progress the company has made under Wolin’s leadership, said Philip A. Laskawy, chairman of Covetrus’ board of directors.
“Ben’s leadership and experience have been critical over the last several months in focusing the company on executing on its strategy and strengthening the platform and balance sheet,” Laskawy said. “The board is confident that he is the right leader to build on this initial momentum and deliver additional value to our employees, customers, manufacturers, partners, and shareholders in the global animal health market.”
Read the full press release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-names-benjamin-wolin-chief-executive-officer-announces