Patterson Companies Announces Dental Leadership Transition
May 10 2024 - 7:00AM
Business Wire
Patterson Companies, Inc. (Nasdaq: PDCO) today announced that it
has initiated a search for a new leader for its Dental segment. Tim
Rogan, who has served as President of Patterson Dental since 2021,
has stepped down from his role, effective immediately, and agreed
to serve as an advisor to the Company in the short term to
facilitate a smooth transition. The Dental segment will continue to
report to Chief Operating Officer, Kevin Pohlman.
“Our dental business has made significant progress to further
enhance our value proposition and differentiate Patterson as the
partner of choice for our customers. After careful consideration,
we determined that a leadership transition will best position us to
build on that strength and drive enhanced growth, profitability and
value creation over the long term,” said Don Zurbay, President and
CEO of Patterson Companies. “On behalf of all of us at Patterson, I
am grateful to Tim for his contributions over many years of service
to the organization. I am confident that our talented team will
remain focused on executing our strategy and serving our customers
while we work to identify our next leader to capitalize on the many
opportunities ahead.”
About Patterson Companies Inc. Patterson Companies Inc.
(Nasdaq: PDCO) connects dental and animal health customers in North
America and the U.K. to the latest products, technologies, services
and innovative business solutions that enable operational and
professional success. Our comprehensive portfolio, distribution
network and supply chain is equaled only by our dedicated,
knowledgeable people who deliver unrivalled expertise and unmatched
customer service and support. Learn more:
pattersoncompanies.com
This press release contains, and our officers and
representatives may from time to time make, certain
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding future financial performance,
and the objectives and expectations of management. Forward-looking
statements often include words such as “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of
similar meaning, or future or conditional verbs, such as “will,”
“should,” “could” or “may.”
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not place undue
reliance on any of these forward-looking statements.
Any number of factors could affect our actual results and cause
such results to differ materially from those contemplated by any
forward-looking statements, including, but not limited to, the
following: wide-spread public health concerns as we experienced,
and may continue to experience, with the COVID-19 pandemic; our
dependence on suppliers to manufacture and supply substantially all
of the products we sell; potential disruption of distribution
capabilities, including service issues with third-party shippers;
our dependence on relationships with sales representatives and
service technicians to retain customers and develop business;
adverse changes in supplier rebates or other purchasing incentives;
risks of selling private label products, including the risk of
adversely affecting our relationships with suppliers; the risk of
technological and market obsolescence for the products we sell; the
risk of failing to innovate and develop new and enhanced software
and e-services products; our dependence on positive perceptions of
Patterson’s reputation; risks associated with illicit human use of
pharmaceutical products we distribute; risks inherent in acquiring
and disposing of assets or other businesses and risks inherent in
integrating acquired businesses; turnover or loss of key personnel
or highly skilled employees; risks associated with information
systems, software products and cyber-security attacks; risks
related to climate change; our ability to comply with restrictive
covenants and other limits in our credit agreement; the risk that
our governing documents and Minnesota law may discourage takeovers
and business combinations; the effects of the highly competitive
dental and animal health supply markets in which we compete; the
effects of consolidation within the dental and animal health supply
markets; exposure to the risks of the animal production business,
including changing consumer demand, the cyclical livestock market,
weather conditions, the availability of natural resources and other
factors outside our control, and the risks of the companion animal
business, including the possibility of disease adversely affecting
the pet population; exposure to the risks of the health care
industry, including changes in demand due to political, economic
and regulatory influences and other factors outside our control;
increases in over-the-counter sales and e-commerce options; risks
from the formation or expansion of GPOs, provider networks and
buying groups that may place us at a competitive disadvantage;
risks of litigation and government inquiries and investigations,
including the diversion of management’s attention, the cost of
defending against such actions, the possibility of damage awards or
settlements, fines or penalties, or equitable remedies (including
but not limited to the revocation of or non-renewal of licenses)
and inherent uncertainty; failure to comply with health care fraud
or other laws and regulations; change and uncertainty in the health
care industry; failure to comply with existing or future U.S. or
foreign laws and regulations including those governing the
distribution of pharmaceuticals and controlled substances; failure
to comply with evolving data privacy laws and regulations; tax
legislation; risks inherent in international operations, including
currency fluctuations; and uncertain macro-economic conditions,
including inflationary pressures.
The order in which these factors appear should not be construed
to indicate their relative importance or priority. We caution that
these factors may not be exhaustive, accordingly, any
forward-looking statements contained herein should not be relied
upon as a prediction of actual results.
You should carefully consider these and other relevant factors,
including those risk factors in Part I, Item 1A, (“Risk Factors”)
in our most recent Form 10-K and information which may be contained
in our other filings with the U.S. Securities and Exchange
Commission, or SEC, when reviewing any forward-looking
statement.
Investors should understand it is impossible to predict or
identify all such factors or risks. As such, you should not
consider the foregoing list, or the risks identified in our SEC
filings, to be a complete discussion of all potential risks or
uncertainties.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We do not undertake any
obligation to release publicly any revisions to any forward-looking
statements whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240510234065/en/
INVESTOR CONTACT: John M. Wright, Investor Relations
COMPANY: Patterson Companies Inc. TEL: 651.686.1364
EMAIL: investor.relations@pattersoncompanies.com
MEDIA CONTACT: Patterson Corporate Communications
COMPANY: Patterson Companies Inc. TEL: 651.905.3349
EMAIL: corporate.communications@pattersoncompanies.com
WEB: pattersoncompanies.com
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