Perrigo Co.: John Hendrickson (CEO)
Why this is a big quit:
After 27 years of producing every item in your medicine cabinet (and CEO since 2016) at Perrigo, John Hendrickson bids farewell to the ubiquitous pharmaceutical company that you actually never heard of. But look in your bathroom (or your friend’s!) there’s a store-brand something in there made by Perrigo. Hendrickson took over after former CEO Joe Papa joined one of their competitors (Valeant Pharmaceuticals). Papa left Perrigo with serious issues for Hendrickson to nurse back to health. In an effort to refute investor doubts, Hendrickson attempted multiple tactics including reorgs and selloffs, stabilizing the 12,800 employee, 30 country firm. Hendrickson will remain with the company until his replacement is appointed.
Why this is not as big as the top 10:
Since Hendrickson’s takeover, the prognosis for Perrigo does not look better. While Hendrickson spent nearly 3 decades at Perrigo, he just could not cure Perrigo’s ailment from aggressive expansion in the decade prior. Although Hendrickson did not give a reason for his resignation or his unsuccessful attempt to remedy Perrigo’s reduced reputation, the pressure of investors was too great. Given the precursor and post-mortem for the company and the short tenure at the top, Hendrickson’s separation is impactful, but not enough to be a top 10 Big Quit.