Cardinal Health CEO Mike Kaufmann is stepping down as the healthcare products distributor struggles with the impact of inflation and supply-chain constraints
Mr. Kaufmann will be succeeded on Sept. 1 by Chief Financial Officer Jason Hollar, who will also joinCardinal reported $47.1 billion in total revenue in its fiscal fourth quarter, up 10.6% from $42.6 billion in the year-earlier quarter. Earnings per share were $0.50, up 25% from $0.40 in the same period last year.
Revenue from Cardinal’s pharmaceuticals-distribution business, its largest unit by sales, rose about 13% in the quarter to $43.3 billion, and segment profit increased 26% to $451 million. But the company’s medical supplies unit, which sells products such as sterile gloves to hospitals and doctors’ offices, weighed down its overall results. Cardinal’s medical unit sales fell 11% to $3.8 billion, and lost $16 million.
“Medical segment performance was significantly impacted by inflation and supply chain constraints,” said Mr. Kaufmann. Mr. Kaufmann has worked for more than 30 years at Cardinal in roles including operations, sales and finance. As CEO, Mr. Kaufmann steered the company through a wave of civil litigation related to
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