PharMerica says CFO Michael Culotta stepped down

April 12, 2013

LOUISVILLE, Ky. (AP) -- Pharmacy operator PharMerica Corp. said Friday that Chief Financial Officer Michael Culotta is leaving, by mutual agreement, to pursue other interests.

David Froesel, the former chief financial officer at PharMerica competitor Omnicare Inc., will be PharMerica's interim CFO. The company has hired an executive search firm to find a permanent CFO.

PharMerica said Culotta's departure, effective immediately, is not related to any disputes between Culotta and the company or any problems with PharMerica's financial statements or accounting practices.

Culotta had been CFO of PharMerica since July 2007.

Froesel, 61, was CFO of Omnicare from 1996 to 2009.

PharMerica sells drugs to nursing homes, hospitals and other long-term care providers in more than 40 states.

Omnicare tried to buy PharMerica in late 2011 and early 2012. PharMerica had always opposed the transaction, which valued it at $457 million, or $15 per share, saying the offer was too low. The Federal Trade Commission also opposed the bid on antitrust grounds. In February 2012 Omnicare said it was abandoning the effort because it did not want to invest time and money fighting a lawsuit the FTC had filed.

Shares of PharMerica, which is based in Louisville, Ky., lost 24 cents to $14.11 on Friday.