Eugene Melnyk Announces Retirement from Biovail
Eugene Melnyk today announced his retirement from Biovail Corporation effective June 30, 2007 - the 20th anniversary of listing the company on the Toronto Stock Exchange and becoming the company's Chairman and CEO.
Melnyk made the announcement during his keynote speech to the company's annual general meeting. Excerpts from the speech include:
Biovail Successes
"By 1999 - our company saw TIAZAC sales surpass $100 million - and our market cap had grown to over $3 billion."
"Over the last 8 years, Biovail lived through its adolescence, with new facilities added in the US, Ireland, Barbados and Puerto Rico. We developed new, innovative drugs like Cardizem LA, Wellbutrin and Ultram ER. We now employ more than 1,500 people and our market cap is approaching $4 Billion. In 2006 - for the first time in our history - our annual revenues exceeded $1 billion."
Family
"I'm 47 years old with a proud and successful career already behind me. I can point to a dozen successful business deals in the last dozen years, but I have a hard time remembering a dozen quality days at home in the last six months."
"My wife, Laura, has to be one of the most understanding women - and mothers - that I could hope to be with. My daughters - Anna and Olivia were babies just yesterday - and before I knew it they were learning lessons from the Internet that I should have been teaching them myself."
"It's an interesting personal reflection when you realize it is more difficult to attend a single parent-teacher interview than it is to build anew school for your children.
Philanthropy
"I'm going to spend time with my family. We're going to travel and I'm going to expose my children to great learning opportunities around the world. We're going to visit the orphanage camp which I fund every year in Ukraine, because I think it's important for my girls to understand the world around us."
Timing of Decision
"I obviously wish that I had settled my file with the OSC - and the SEC - before making this announcement, but I refused advice to postpone this speech for a "better time". This is the right decision - at the right time - for the right reasons."
"I have 20 more years before a traditional "retirement" - but I came to the realization last December and over the last few months that it's time I take my retirement from my current day job."
Biovail's Future
"The focus should - and must be on the sound business fundamentals and strong future of Biovail. And the future has never been brighter."
"We have the finest senior executive team in the industry - led by Doug Squires. Doug and I have different backgrounds, but when I met him as part of our CEO search two years ago, I immediately knew that he was the leader to
carry this company forward."
"Our board of directors is committed to this company's success - and offers sound corporate governance oversight and procedures."