CEO Resignation Yet Annual Performance Guidance Remains Unchanged... Board Begins Search for New Leader

In a June 8 board meeting, Perrigo Co. plc (PRGO) accepted the immediate resignation of President and CEO Patrick Lockwood-Taylor from all his positions, citing personal conduct inconsistent with the company’s code of conduct and core values, though unrelated to its business operations or financial reporting. The board simultaneously appointed sitting non-executive director Albert A. Manzone as interim president and CEO, launched a search for a permanent successor, and reaffirmed the full-year 2026 guidance issued on May 6.

According to Perrigo, Lockwood-Taylor had been granted approximately 170,000 restricted stock units (RSUs) on May 13 at no cost. These RSUs will vest in equal annual installments over three years beginning May 13, 2027, and were valued at about $1.85 million (roughly KRW 2.6 billion) based on the grant-date share price.

When Perrigo reported its first-quarter 2026 results on May 6, it highlighted sales growth in its consumer self-care segment and provided full-year 2026 guidance—a forecast the board has now reconfirmed amid the leadership change. Perrigo’s investor relations page currently lists Albert A. Manzone as acting president and CEO, and the board is progressing with appointing a permanent chief executive.

Headquartered in Dublin, Ireland, Perrigo manufactures consumer self-care pharmaceuticals and healthcare products, supplying over-the-counter medicines, nonprescription generics, infant formula and other items under both retail and private-label brands in North America and Europe. Against a backdrop of cost pressures and supply-chain risks in the consumer goods and healthcare sectors, the company has continued structural improvements, including supply-chain realignment and portfolio optimization.