Henry Schein announces retirement of CFO and related succession plan

Henry Schein, a provider of healthcare solutions to office-based dental and medical practitioners, has announced that Steven Paladino plans to retire as executive vice-president and CFO, effective 29 Apr 2022, after 35 years with the company.

Ronald N. South, Henry Schein’s vice-president, corporate finance since 2008 and chief accounting officer since 2013, has been named his successor and will become the company’s senior vice-president and CFO, reporting to Stanley M. Bergman, chairman of the board and CEO of Henry Schein. The organisational changes announced reflect the implementation of the company’s succession plan for its senior finance team.

Paladino’s 35 years of dedicated service at Henry Schein includes 29 years as CFO. During this time, the company enjoyed significant financial success, with net sales and diluted earnings per share through fiscal year 2020 rising at a CAGR of approximately 12% since Henry Schein became a public company in 19951. Paladino will remain a member of the company’s board of directors, serving until the 2022 Annual Meeting of Stockholders in May, when he is expected to stand for re-election to the board by a vote of the company’s stockholders. Paladino also will advise the company as a consultant following his retirement.

“After an impressive 35 years of distinguished service to Henry Schein, Steven has decided to spend more time with his family,” said Bergman. “We are pleased that Steven will remain on the board of Henry Schein and as an adviser following his retirement. On behalf of the board of directors and Team Schein, I would like to thank Steven for his leadership and significant contributions to the Company. The depth and breadth of Steven’s skills and his long-standing relationships with the financial community have been central to the development and execution of our business strategies and strong shareholder value creation. Steven’s retirement is a bittersweet moment for us all. We wish Steven a happy and well-deserved retirement.”

“I am honoured to have worked alongside Stan, the board of directors, the company’s Executive Management Committee members, and my fellow Team Schein Members to help grow this organisation,” said Paladino. “Having worked with Ron South for more than a dozen years, I am confident that he is the right financial leader for Henry Schein and worthy of this promotion.”

Since joining the company in 2008, South has reported to Paladino. As vice-president, corporate finance and chief accounting officer, South has overseen the company’s internal and external financial reporting and corporate tax functions.

“Ron is a seasoned strategic and financial executive,” said Bergman. “His deep and broad institutional knowledge, and his experience in public accounting of more than 15 years with PWC, and in the areas of corporate finance, internal audit, and strategic planning, with Fortune 500 companies for over a decade, will serve him well in his new role as CFO. Ron will join the company’s Executive Management Committee and I am confident Ron will continue Steven’s disciplined stewardship of our solid balance sheet, accounting practices, and financial systems to support our business growth. We expect a seamless transition.”

“I would like to thank Steven for his invaluable leadership and mentorship. He has been an instrumental leader in Henry Schein’s financial success, and I look forward to building upon the strong foundation that he created,” said South.

Additionally, Henry Schein announced that Olga Timoshkina, who joined Henry Schein this past September as vice-president, corporate controller, will succeed South as vice-president, corporate finance and chief accounting officer, reporting to South. In this role, Timoshkina will be responsible for global accounting and reporting matters, leading SEC and internal reporting, accounting policy, controls and general accounting functions. Timoshkina joined Henry Schein with more than 24 years of experience at EY, where she served in multiple roles, including seven years as a partner for EY’s Financial Accounting Advisory Services team in New York, US.

“With broad experience advising multiple global companies on complex matters in financial reporting, process improvements, and operational challenges, including extensive experience with acquisitions, I am confident that Olga will be successful in the transition to her new role as vice-president, corporate finance and chief accounting officer,” said Bergman.

“Olga is a true professional who will contribute significantly to the work of Henry Schein’s Finance team,” said South. “We were delighted when she joined our company and especially pleased that she is taking on this new role as we position Henry Schein for continued growth in the years ahead.”

1 The calculation of diluted EPS is based on certain non-GAAP results, and a reconciliation is available on our website at slides 22 and 34, see https://www.henryschein.com/us-en/images/corporate/corporatepres-Q3-2021.pdf.