GLENVIEW, Ill. (AP) — The CEO of Mead Johnson plans to retire before next year's annual shareholder meeting, the company said Friday.
Steve Golsby, 57, has led the baby formula maker for eight years and oversaw the company's spin-off from drugmaker Bristol-Myers Squibb Co. on the New York Stock Exchange in February 2009.
Kasper Jakobsen, executive vice president and chief operating officer, has been chosen as CEO-elect and he has been appointed him to the board. Jakobsen, 50, has been with Mead Johnson for 14 years and oversaw operations in Asia, North America and Latin America before he became COO this year.
Jakobsen will keep his COO post and the current senior leadership structure will not change. Golsby will continue to serve as a director on the company's board after his retirement, Mead Johnson said.
In April, Mead Johnson reported first-quarter results that beat Wall Street predictions. It also boosted its guidance for the full year, citing contributions from an acquisition in Argentina, along with slightly higher emerging market growth expectations.
Shares of Mead Johnson Nutrition Co. fell 60 cents to $85.12 in morning trading.