Actavis, Inc. 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
November 16, 2007
Date of Report (Date of earliest event reported)
WATSON PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 1.01 Entry into a Material Definitive Agreement
On November 16, 2007, Watson Pharmaceuticals, Inc. (the Company), announced the appointment of Mark W. Durand, to the position of Senior Vice President and Chief Financial Officer of the Company effective as of November 26, 2007 (the Effective Date). The Company has entered into an employment agreement with Mr. Durand, pursuant to which, among other things:
Mr. Durands employment agreement also provides for certain severance payments and benefits in the event that Mr. Durands employment is terminated without cause, he resigns for good reason or he is terminated within 90 days before or 24 months after a change of control of the Company. This description of the terms of Mr. Durands employment arrangement is qualified in its entirety by Mr. Durands employment agreement with the Company, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 16, 2007, the Company announced the appointment of Mark W. Durand, to the position of Senior Vice President and Chief Financial Officer of the Company effective as of November 26, 2007. The description of Mr. Durands employment and compensation arrangement is hereby incorporated by reference from Item 1.01 above.
Prior to joining the Company, Mr. Durand, age 48, served as Chief Financial Officer and Senior Vice President Finance and Business Development of Teva Pharmaceuticals USA, Inc., a subsidiary of Teva Pharmaceutical Industries Limited, a global generic pharmaceuticals company, from October 2004 through November 2007. Prior to joining Teva, Mr. Durand served Bristol-Myers Squibb Company, a global pharmaceutical and health care products company, in various capacities from 1986 through 2004, including as Vice President Finance and Business Development from May 2002 through September 2004.
R. Todd Joyce, who has been serving the Company as interim principal financial officer since October 2006, will continue to do so until the Effective Date. Mr. Joyce will continue as our Vice President, Corporate Controller thereafter.
The news release announcing Mr. Durands appointment to the position of Senior Vice President and Chief Financial Officer of the Company is attached hereto as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.