Summary: Bruce Cozadd, co-founder and CEO of Jazz Pharmaceuticals, has announced his intention to retire from the CEO role by the end of 2025, following the appointment of a successor. The company will begin a formal search process to find a new CEO, expected to conclude within the next 12 months. Cozadd, who co-founded Jazz in 2003, will continue to serve as the company’s chairperson after retiring as CEO. Jazz remains on track to meet its revenue guidance for 2024.
Key Takeaways:
- CEO Retirement Announcement: Bruce Cozadd plans to retire as CEO of Jazz Pharmaceuticals by the end of 2025, with a formal succession process beginning now.
- Search for New CEO: Jazz will conduct a thorough search, considering both internal and external candidates, to identify a successor within the next 12 months.
- Continued Leadership Role: Cozadd will remain the chairperson of the board, providing ongoing strategic leadership and guidance after his retirement as CEO.
Jazz Pharmaceuticals plc announced that Bruce Cozadd, co-founder, chairperson, and chief executive officer (CEO), has informed the board of directors of his intent to retire from his role as CEO upon appointment of the company’s next leader, expected by the end of 2025.
The board will commence a formal search process to identify a new CEO, which is anticipated to conclude within 12 months. Cozadd will retire as CEO once a successor has been appointed and will continue serving as chairperson of the board of directors, providing ongoing leadership and strategic guidance to the company.
Jazz Pharmaceuticals co-founder Bruce Cozadd plans to retire as CEO. Photo provided: Jazz Pharmaceuticals
Jazz remains on track to meet its full-year 2024 total revenue guidance of between $4 billion and $4.1 billion.
Cozadd co-founded Jazz in 2003, serving as executive chairman through 2009 before being appointed chairperson and CEO in April 2009.
“It has been the honor of my career to co-found and lead Jazz alongside such a talented team of researchers, scientists, and business professionals,” Cozadd says in a release. “Guided by a commitment to innovate on behalf of patients and their families, our team has built Jazz into a leading biopharmaceutical company. With great momentum and the business in a strong position entering 2025, I feel confident that Jazz’s next leader will be well-positioned to build on our legacy of growth and success, and continue delivering for our patients, employees, partners, and shareholders for years to come.”
Rick Winningham, lead independent director of Jazz says in a release, “On behalf of the board, I want to express our deepest gratitude to Bruce for his leadership, vision, and unwavering commitment to the company. His dedication to patient-centric care and fostering a collaborative, innovative culture has been instrumental in Jazz’s success. The board has been preparing for this transition through rigorous succession planning efforts, including prioritizing the ongoing development and readiness of internal leadership.
“As part of a thorough and diligent process, a succession committee of the board made up of independent directors will lead a comprehensive and thoughtful search for Jazz’s next CEO, which we intend to complete in 2025. The search will consider both internal and external candidates, and the board is focused on appointing a successor who will uphold Jazz’s mission and core values and advance our growth strategy, driving value creation for the company.”
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