John Hammergren Announces Retirement; Brian Tyler to Become McKesson’s CEO and Edward Mueller to Chair Board

McKesson Corporation (NYSE:MCK) today announced that John H. Hammergren, chairman and chief executive officer (CEO), has decided to retire, effective March 31, 2019. McKesson’s Board of Directors has unanimously selected Brian Tyler, 51, currently president and chief operating officer (COO), to succeed Hammergren as CEO, effective April 1, 2019. Tyler will also remain as president.

Edward Mueller, 71, currently lead independent director on McKesson’s Board of Directors, will succeed Hammergren as an independent chairman of the Board, also effective April 1, 2019.

“It has been an honor to serve as McKesson’s CEO for nearly 20 years,” Hammergren said. “We are making solid progress with our strategic growth initiative and the company is in a strong financial position. This is the right time to turn the leadership reins over to the next generation and no one is better equipped than Brian to lead McKesson into the future. He is a gifted leader with deep industry knowledge and an unwavering commitment to enhancing value for our customers and their patients.”

Under Hammergren’s leadership, McKesson has become the leading provider of healthcare services and information technology solutions that help organizations across the healthcare industry improve their business performance and deliver better care. In the time since he became CEO on April 1, 2001, the company has more than quadrupled revenues to $208 billion, expanded into global markets, and advanced to number six on the Fortune 500, reflecting total shareholder returns of more than 400% or 9% on a compound annual basis (as of October 31, 2018). These results reflect significant outperformance compared to the S&P 500 Health Care Index.

Hammergren took over the company at a time of crisis and created its ICARE shared principles, which serve as the foundation for McKesson’s culture and values across the globe. Recognizing his tremendous track record of success, Harvard Business Review named Hammergren as one of their 100 “Top Performing CEOs in the World.”

“There are few leaders who have had such an impact on a company and on an entire industry,” said Mueller. “Over nearly two decades, John has built one of the greatest organizations in healthcare—a company that has had a far-reaching, positive impact on patient care in every setting. On behalf of McKesson’s entire Board, I want to thank John for his countless contributions and tremendous leadership since assuming the CEO role.”