Apotex says succession plan for founder Barry Sherman was in place 5 years ago
Jeremy Desai has been president and CEO of Apotex Inc. since 2014
Apotex Inc. says it wants to set the record straight about how the pharmaceutical company will be managed following the death of its founder, Barry Sherman, and his wife Honey.
Apotex says Sherman, 75, hadn't been involved in day-to-day operations since he stepped down as chief executive officer five years ago.
Jeremy B. Desai has been president and CEO of Apotex Inc. since 2014 and, prior to that, the CEO's job had been transferred from Sherman to Jack Kay, who is now the company's vice-chairman.
Questions about the future of Apotex, one of Canada's biggest generic drug makers, arose after the bodies of the billionaire couple were found in their Toronto home last week.
Many of the personal anecdotes in the wake of Sherman's death focused on his hands-on approach to running Apotex, which he founded in 1974 and grew into a company with more than $2 billion in annual revenue.
- Thousands attend service for Barry and Honey Sherman
- Sherman's orphaned cousins fight for cut of Apotex fortune
An Apotex spokesperson — who had declined to discuss specific details prior to their funeral, out of respect for the Shermans — said Friday that he wanted to set the record straight.
"Barry had developed a robust succession plan which he began implementing five years ago when he stepped down as CEO," Apotex spokesman Jordan Berman said in an email Friday.
"From that point on until his tragic death, Dr. Sherman was no longer involved in day-to-day operations at Apotex rather, focused on some specific aspects of the business."