SAN FRANCISCO--(BUSINESS WIRE)--McKesson Corporation (NYSE:MCK) today announced James Beer, executive
vice president and chief financial officer, will be leaving the company
to pursue a new opportunity. Britt Vitalone, senior vice president and
chief financial officer, U.S. Pharmaceutical and McKesson Specialty
Health, will be appointed executive vice president and chief financial
officer of McKesson, effective January 1, 2018. Beer will assist in a
transition period into early 2018. In addition, today the company
reaffirmed its outlook of Adjusted Earnings of $11.80 to $12.50 per
diluted share for the fiscal year ending March 31, 2018.
Beer has led the financial functions and been a member of the executive
committee for McKesson since 2013. Under his leadership, the company has
expanded its retail presence, grown its specialty capabilities, enhanced
its technology offerings, and created Change Healthcare, while
navigating a rapidly evolving healthcare landscape. Beer will join
Atlassian, an enterprise collaboration company, in San Francisco, as
chief financial officer, effective February 2018.
“James has been a wonderful colleague and friend. I admire his financial
discipline and management, and commitment to our company’s shared
values,” says John Hammergren, chairman and chief executive officer,
McKesson Corporation. “We wish James well as he pursues his next
opportunity.”
Vitalone has been with McKesson since 2006. Prior to his current role,
Vitalone served as senior vice president, corporate financial planning
and analysis and M&A finance, and senior vice president and chief
financial officer, McKesson Medical-Surgical. Prior to McKesson,
Vitalone held a variety of financial leadership positions with companies
that include GE Financial Assurance, CarMax and Bausch & Lomb.
Vitalone holds a Bachelor of Science degree in accounting from St. John
Fisher College and is a certified public accountant.
“For more than a decade, Britt has demonstrated an outstanding track
record of performance in various finance and operational roles across
multiple businesses at McKesson. The board of directors, executive
committee and I are excited to appoint Britt,” commented Hammergren. “We
are confident that Britt’s deep financial experience and knowledge about
our businesses will serve us well as we build upon McKesson’s successes
and position the company for future growth.”
Adjusted Earnings
McKesson separately reports financial results on the basis of Adjusted
Earnings. Adjusted Earnings is a non-GAAP financial measure defined as
GAAP income from continuing operations, excluding amortization of
acquisition-related intangible assets, acquisition-related expenses and
adjustments, Last-In-First-Out (“LIFO”) inventory-related adjustments,
gains from antitrust legal settlements, restructuring charges, and other
adjustments. McKesson’s Adjusted Earnings outlook reflects current tax
law and has not been adjusted for any potential tax law changes.
McKesson presents non-GAAP diluted earnings per share from continuing
operations on a forward-looking basis. The most directly comparable
forward-looking GAAP measure is diluted earnings per share from
continuing operations. McKesson is unable to provide a quantitative
reconciliation of this forward-looking non-GAAP measure to the most
directly comparable forward-looking GAAP measure, without unreasonable
effort, because McKesson cannot reliably forecast LIFO inventory-related
adjustments, gains from antitrust legal settlements, restructuring
charges, and other adjustments, which are difficult to predict and
estimate. These items are inherently uncertain and depend on various
factors, many of which are beyond our control. As such, any associated
estimate and its impact on our GAAP performance could vary materially
based on a variety of acceptable management assumptions.
Risk Factors
Except for historical information contained in this press release,
matters discussed may constitute “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, as amended, that involve risks and
uncertainties that could cause actual results to differ materially from
those projected, anticipated or implied. These statements may be
identified by their use of forward-looking terminology such as
“believes”, “expects”, “anticipates”, “may”, “will”, “should”, “seeks”,
“approximately”, “intends”, “plans”, “estimates” or the negative of
these words or other comparable terminology. The discussion of financial
trends, strategy, plans or intentions may also include forward-looking
statements. It is not possible to predict or identify all such risks and
uncertainties; however, the most significant of these risks and
uncertainties are described in the company’s Form 10-K, Form 10-Q and
Form 8-K reports filed with the Securities and Exchange Commission and
include, but are not limited to: changes in the U.S. healthcare industry
and regulatory environment; managing foreign expansion, including the
related operating, economic, political and regulatory risks; changes in
the Canadian healthcare industry and regulatory environment; exposure to
European economic conditions, including recent austerity measures taken
by certain European governments; changes in the European regulatory
environment with respect to privacy and data protection regulations;
fluctuations in foreign currency exchange rates; the company’s ability
to successfully identify, consummate, finance and integrate
acquisitions; the company’s ability to manage and complete divestitures;
material adverse resolution of pending legal proceedings; competition
and industry consolidation; substantial defaults in payment or a
material reduction in purchases by, or the loss of, a large customer or
group purchasing organization; the loss of government contracts as a
result of compliance or funding challenges; public health issues in the
U.S. or abroad; cyberattack, natural disaster, or malfunction of
sophisticated internal computer systems to perform as designed; the
adequacy of insurance to cover property loss or liability claims; the
company’s failure to attract and retain customers for its software
products and solutions due to integration and implementation challenges,
or due to an inability to keep pace with technological advances; the
company’s proprietary products and services may not be adequately
protected, and its products and solutions may be found to infringe on
the rights of others; system errors or failure of our technology
products or services to conform to specifications; disaster or other
event causing interruption of customer access to data residing in our
service centers; the delay or extension of our sales or implementation
cycles for external software products; changes in circumstances that
could impair our goodwill or intangible assets; new or revised tax
legislation or challenges to our tax positions; general economic
conditions, including changes in the financial markets that may affect
the availability and cost of credit to the company, its customers or
suppliers; changes in accounting principles generally accepted in the
United States of America; withdrawal from participation in multiemployer
pension plans or if such plans are reported to have underfunded
liabilities; inability to realize the expected benefits from the
company’s restructuring and business process initiatives; difficulties
with outsourcing and similar third party relationships; risks associated
with the company’s retail expansion; and the company’s inability to keep
existing retail store locations or open new retail locations in
desirable places. The reader should not place undue reliance on
forward-looking statements, which speak only as of the date they are
first made. Except to the extent required by law, the company undertakes
no obligation to publicly release the result of any revisions to these
forward-looking statements to reflect events or circumstances after the
date hereof, or to reflect the occurrence of unanticipated events.
About McKesson Corporation
McKesson Corporation, currently ranked 5th on the FORTUNE
500, is a global leader in healthcare supply chain management solutions,
retail pharmacy, community oncology and specialty care, and healthcare
information technology. McKesson partners with pharmaceutical
manufacturers, providers, pharmacies, governments and other
organizations in healthcare to help provide the right medicines, medical
products and healthcare services to the right patients at the right
time, safely and cost-effectively. United by our ICARE shared
principles, our employees work every day to innovate and deliver
opportunities that make our customers and partners more successful — all
for the better health of patients. McKesson has been named the “Most
Admired Company” in the healthcare wholesaler category by FORTUNE, a
“Best
Place to Work” by the Human Rights Campaign Foundation, and a top military-friendly
company by Military Friendly. For more information, visit www.mckesson.com.