AHP names Essner as new chief executive

American Home Products has elected Robert Essner as its next chiefexecutive, effective May 1, 2001, replacing John Stafford, who will remain on the firm's board as chairman. Mr Essner is currently president and chief operating officer at AHP, and will retain this position. Mr. Stafford said that the appointment of Mr Essner "provides for continuity of our strategic direction as a first-tier pharmaceutical company."

He added that, for the past 11 years, his successor has been instrumental in leading AHP's Wyeth-Ayerst pharmaceutical business, and "the company and its shareholders can rely on this orderly process and a dynamic transition plan for the future." In return, Mr Essner paid tribute to Mr Stafford, saying he "transformed AHP from the broadly diversified health and consumer products company it was 15 years ago, to the focused and strong pharmaceutical company it is today." However, among the eulogies, there was no mention of three failed merger attempts overseen by both men.