After market close today AmerisourceBergen (NYSE: ABC) announced the retirement of longtime Chief Executive Officer R. David Yost effective July 1, 2011. Succeeding him will be the current President and Chief Operating Officer Steven H. Collis. CEO Yost has been at the firm for 37 years and has been CEO for 14 years. Citi believes today's announcement has been in the works for a while, given Yost turns 64 years old this summer.
Citi remains confident of ABC's management team and business execution, and does not see the transition of the CEO as a cause for concern. Recent tailwinds for ABC continue with recent approval of generic taxotere and injectible specialty drug Benlysta from Human Genome Sciences to treat lupus. Citi reiterates its Buy rating and $43 target price on ABC.
ABC closed Monday at $36.62
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