US pharmaceutical company, Allergan’s Chief Financial Officer, Tessa Hilado, has announced she is to step down.
The 53-year-old, who has been CFO since 2014, is leaving to retire and will exit the organisation once her successor is named.
The announcement coincided with the company authorising a $2 billion (31.48 billion) stock repurchase, which has sent its shares up after they saw a fall of around 20% since 2014. Allergan also completed a $15 billion stock repurchase earlier this year.
Allergan has not disclosed who they are considering for Hilado’s replacement but said it had begun its search for a new CFO.
Hilado said of her departure: “When I joined Allergan in December 2014, I promised Brent Saunders, Chairman and CEO, that I would stay three years to help transform the finance organization, institute better systems and financial controls and improve the balance sheet.
“Now is a good time to announce my retirement from Allergan, so that we have time to identify my successor and orchestrate a smooth hand-off to continue Allergan’s progress.”