Cozadd to Retire as Jazz Pharmaceuticals Seeks New CEO
Portfolio - People | Dec 16, 2024 | EIN
Jazz Pharmaceuticals has announced that its CEO, Bruce Cozadd, plans to retire from the company he helped co-found over two decades ago. Cozadd, who has led the company since 2009, will remain in his role until a successor is found, a search expected to conclude within a year. After his replacement is appointed, Cozadd aims to continue as chair of the board. Under his leadership, Jazz Pharmaceuticals notably acquired GW Pharmaceuticals for $7 billion in 2021 and underwent a tax inversion through a merger with Azur Pharma in 2011, moving its headquarters to Ireland. The company's stock has seen significant growth, from $1 in 2009 to $125.20 at the most recent close. Jazz is forecasted to meet its revenue guidance of $4 billion to $4.1 billion for the year, with key revenue drivers being medications like Xywav and Epidiolex. The replacement search will be headed by a special board committee, evaluating both internal and external candidates.
Sectors
- Pharmaceuticals
- Corporate Governance
Geography
- Ireland – Jazz Pharmaceuticals is headquartered in Ireland following a merger in 2011, which is central to the company's corporate strategy for tax purposes.
- United States – Bruce Cozadd, the subject of the article, is located in the United States and co-founded Jazz Pharmaceuticals.
Industry
- Pharmaceuticals – Jazz Pharmaceuticals is a biopharmaceutical company involved in the development of drugs, including Xywav and Epidiolex, central to its revenue generation.
- Corporate Governance – The article involves executive transitions and succession planning at a corporate level as Jazz Pharmaceuticals searches for a new CEO.
Financials
- $7 billion – The acquisition price for GW Pharmaceuticals by Jazz Pharmaceuticals.
- $4 billion to $4.1 billion – Jazz Pharmaceuticals' revenue guidance for the year.
- $125.20 – The close price of Jazz Pharmaceuticals' share as of the latest trading.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Jazz Pharmaceuticals | Target Company | Company | A biopharmaceutical company searching for a new CEO following operations and growth under Bruce Cozadd's leadership. |
| Bruce Cozadd | Current CEO and Co-Founder | People | CEO of Jazz Pharmaceuticals since 2009, responsible for major acquisitions and growth. |
| GW Pharmaceuticals | Acquired Company | Company | Acquired by Jazz Pharmaceuticals in a $7 billion deal, contributing significantly to Jazz's portfolio and revenue. |
| Rick Winningham | Lead Independent Director | People | Director involved in the succession planning and search for the new Jazz Pharmaceuticals CEO. |