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Shire makes board changes

UK-based pharmaceutical company Shire has revealed its board succession plans

UK-based pharmaceutical company Shire has revealed its board succession plans.

Dr James H Cavanaugh will retire as non-executive chairman and Matthew Emmens will succeed him, while Angus Russell will take over from Emmens as CEO.

David Kappler will be appointed as deputy chairman in addition to his existing role as senior independent director. These appointments have the unanimous support of the directors.

The changes will become effective at Shire's AGM to be held in June 2008.

Cavanaugh has been chairman of Shire since 1999 and will have been a member of the board for 11 years when he retires.

Emmens, who is currently Shire's CEO, has 34 years of industry experience and since joining the company in 2003 has successfully led the company through a period of significant strategic development, including a number of important M&A transactions. He also has valuable non-executive board experience in his continuing roles on the boards of Incyte and Vertex Pharmaceuticals.

Shire's new CEO Angus Russell, who has been CFO since 1999, has eight years experience as the company's CFO and executive board director and has 27 years experience in the pharmaceutical industry including working for ICI, Zeneca and AstraZeneca in finance, strategy and marketing.

Russell has been a lead member of the Shire Management Committee, which devised and implemented Shire's long term focused business strategy. The company is now working to identify a replacement CFO in order to ensure an orderly succession.

Shire is trading in line with the guidance given on 1 November 2007 when it stated that revenue growth for the year was expected to be at least 30 per cent.

13th December 2007

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