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September 5, 2019

Covetrus chair David Shaw steps down; board member resigns

ben and david shaw File Photos / Tim Greenway David Shaw, right, has resigned as chairman of Covetrus, the Portland company whose CEO is his son Ben, left.

David Shaw, chairman of Portland-based Covetrus Inc. (Nasdaq: CVET), has stepped down from his role, although he remains a member of the animal-health company’s board of directors.

Covetrus on Wednesday named Benjamin Wolin, who co-founded Everyday Health Inc. in 2002 and was its CEO, as Shaw’s successor, according to a news release.

Everyday Health is a provider of online health information and marketing services, and is based in New York.

Wolin also serves on the board of Diplomat Pharmacy Inc. (NYSE: DPLO), the country’s largest independent specialty pharmacy company, and is chairman of Rockwell Medical Inc. (Nasdaq: RMTI), a $63 million pharmaceutical maker based in Michigan.

“Ben Wolin has deep expertise in digital healthcare, pharmacy, and technology which will benefit Covetrus as the board works actively with management to drive operational performance,” Shaw said in the release.

Covetrus also said that board member Betsy Atkins resigned Wednesday.

“On behalf of the board I extend appreciation to Betsy for her years of support and service to both Covetrus and Vets First Choice,” Shaw said.

Shaw co-founded Portland-based Vets First Choice in 2010 with his son, Ben, who now serves as president and CEO of Covetrus. David Shaw also founded IDEXX Laboratories (Nasdaq: IDXX), a Westbrook manufacturer of animal diagnostic products and technology, in 1983.

Covetrus launched in February from the merger of Vets First Choice and the animal-health business of Henry Schein Inc., a medical supplier headquartered in Melville, N.Y. Covetrus now employs 5,500 people worldwide. Last month, after its first full quarter of business, the company reported a $10 million loss and lowered its earnings forecast, sending the stock price to a 40% drop overnight.

On Thursday morning, shares of Covetrus were trading at about $14, up slightly from Wednesday’s close but little changed since the previous loss.

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