As a global healthcare company, Viatris has a significant influence on the well-being of people around the world. It is for this reason that the role of the Viatris Board of Directors is crucial in ensuring that the company operates with integrity and transparency, while also pursuing its growth and innovation objectives. In this article, we will explore the Viatris Board of Directors, its members, its history, role, responsibilities, and challenges, as well as its achievements and future plans.
Viatris is a company that emerged from a merger between Mylan and Upjohn in 2020. Viatris is focused on providing high-quality, affordable medicines, while also making healthcare more accessible to people around the world. As a publicly traded company, Viatris is accountable to its shareholders, employees, and the wider public. The Viatris Board of Directors plays a critical role in ensuring that the company complies with regulations, maintains ethical standards, and operates in the best interests of all stakeholders.
One of the key responsibilities of the Viatris Board of Directors is to oversee the company's financial performance. This includes reviewing financial reports, approving budgets, and making strategic decisions about investments and acquisitions. The board also plays a crucial role in setting executive compensation and ensuring that it aligns with the company's performance and values.
Another important function of the Viatris Board of Directors is to provide guidance and support to the company's management team. The board works closely with the CEO and other executives to develop and implement business strategies, identify new growth opportunities, and address any challenges or risks that may arise. By providing this oversight and support, the board helps to ensure that Viatris remains a strong and successful company for years to come.
The Viatris Board of Directors has its roots in the board of directors of Mylan, which was established in 1977. Mylan grew rapidly, and in 2020, it merged with Upjohn, a division of Pfizer. The Viatris Board of Directors was then formed to oversee the operations of the new entity.
Since its formation, the Viatris Board of Directors has been focused on driving growth and innovation in the pharmaceutical industry. The board is made up of experienced leaders from a variety of backgrounds, including healthcare, finance, and technology. Together, they bring a wealth of knowledge and expertise to the table, helping to guide Viatris towards a successful future.
In addition to overseeing the operations of Viatris, the Board of Directors is also committed to corporate social responsibility. They have implemented a number of initiatives aimed at improving access to healthcare and reducing the environmental impact of the company's operations. These efforts have helped to establish Viatris as a leader in the pharmaceutical industry, both in terms of financial performance and social responsibility.
The Viatris Board of Directors is made up of thirteen members, each bringing diverse expertise and experience to the table. They include Michael Goettler, the CEO of Viatris, and Pauline van der Meer Mohr, the Chairperson of the Board. Other members of the Board include Rajiv Malik, who heads the Global Business Operations division, and Thomas Farley, former CEO of the New York Stock Exchange.
In addition to these members, the Viatris Board of Directors also includes Robert J. Coury, the Executive Chairman of the Board, and James N. Topper, the Vice Chairman of the Board. Coury has been with the company since its inception and has played a key role in its growth and success. Topper, a physician-scientist, brings a wealth of experience in the pharmaceutical industry to the Board.
The remaining members of the Viatris Board of Directors are Andrew Boyce, Rajiv De Silva, Melina Higgins, Arnold L. Pinkston, George R. A. Schaefer Jr., and Wendy L. Webb. Boyce is a former executive at BHP Billiton, while De Silva is the former CEO of Endo International. Higgins is a partner at the investment firm, L Catterton, and Pinkston is the former Executive Vice President and Chief Financial Officer of Owens Corning. Schaefer is the former CEO of Fifth Third Bancorp, and Webb is the former CEO of Kestrel Health Information.
Pauline van der Meer Mohr is the Chairperson of the Viatris Board of Directors. She holds degrees in law and business administration and has extensive experience in the corporate governance and financial sectors. Prior to joining Viatris, she served as a member of various boards, including the Dutch Central Bank and Shell Oil. She brings a wealth of experience in ESG and diversity and inclusion issues to the Viatris Board of Directors.
Under her leadership, Viatris has made significant strides in promoting sustainability and social responsibility. The company has implemented a number of initiatives aimed at reducing its carbon footprint and promoting environmental stewardship. Additionally, Viatris has taken steps to increase diversity and inclusion within its workforce, including the establishment of employee resource groups and the implementation of unconscious bias training.
Ms. van der Meer Mohr is also a strong advocate for corporate transparency and accountability. She has been instrumental in implementing policies and procedures that promote ethical behavior and ensure compliance with regulatory requirements. Her commitment to these principles has helped to establish Viatris as a leader in corporate governance and responsible business practices.
The Viatris Board of Directors has a primary responsibility to oversee the company's operations, strategy, and risk management. They ensure that the company adheres to ethical and compliance standards, while also driving innovation and growth. Additionally, the Board is responsible for overseeing executive compensation, succession planning, and communicating with shareholders and other stakeholders.
One of the key responsibilities of the Viatris Board of Directors is to ensure that the company's financial performance is strong and sustainable. This involves monitoring the company's financial statements, assessing financial risks, and making strategic decisions to improve profitability. The Board also plays a critical role in approving major investments, acquisitions, and divestitures.
Another important responsibility of the Viatris Board of Directors is to ensure that the company is operating in a socially responsible manner. This includes monitoring the company's impact on the environment, promoting diversity and inclusion, and ensuring that the company's products and services are safe and effective. The Board also plays a key role in setting the company's corporate social responsibility goals and ensuring that they are met.
The members of the Viatris Board of Directors are appointed through a rigorous selection process. The Board maintains a mix of executive and non-executive directors, with a majority being independent directors. The Board also strives to maintain a diverse range of skills and experience among its members, which includes a focus on gender, ethnic and cultural diversity, and the representation of different geographies and markets.
Once appointed, members of the Viatris Board of Directors are expected to adhere to a strict code of conduct and ethics. This includes avoiding conflicts of interest, maintaining confidentiality, and acting in the best interests of the company and its stakeholders. The Board also regularly evaluates its own performance and effectiveness, as well as the performance of the company's management team.
In addition to their regular duties, members of the Viatris Board of Directors may also serve on various committees, such as the Audit Committee, Compensation Committee, and Nominating and Governance Committee. These committees are responsible for overseeing specific areas of the company's operations and making recommendations to the full Board. Overall, the appointment and ongoing work of the Viatris Board of Directors is critical to the success and sustainability of the company.
Viatris's commitment to diversity and inclusion extends to the Board of Directors as well. The Board has a diverse range of backgrounds, experience, and perspectives. In addition, Viatris has set ambitious targets for gender diversity and inclusion among its workforce and leadership team. This includes establishing a Diversity, Equity, and Inclusion (DEI) Council to drive initiatives and programs across the company.
One of the key initiatives of the DEI Council is to increase the representation of underrepresented groups in leadership positions. Viatris has implemented a mentorship program to support the development of diverse talent and provide opportunities for career advancement. The company also regularly reviews its hiring practices to ensure that they are inclusive and free from bias.
Furthermore, Viatris is committed to promoting diversity and inclusion beyond its own organization. The company partners with external organizations to support initiatives that promote diversity and inclusion in the healthcare industry. Viatris also supports employee-led resource groups that provide a platform for employees to connect, share experiences, and drive change within the company and the broader community.
Viatris's corporate governance framework is designed to ensure transparency, accountability, and ethical behavior. The Board of Directors follows best practices established by leading organizations such as the Business Roundtable and the International Corporate Governance Network (ICGN). Viatris's Code of Conduct sets out the company's values and guiding principles, and it also governs the behavior of its directors, officers, and employees.
In addition to the Code of Conduct, Viatris has established a number of committees to oversee various aspects of corporate governance. These include the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee. Each committee is composed of independent directors who are responsible for ensuring that the company operates in a manner that is consistent with its values and principles. The committees also provide oversight of key areas such as financial reporting, executive compensation, and board composition.
The healthcare industry is rapidly evolving, and the Viatris Board of Directors faces many challenges in navigating this environment. These challenges range from regulatory compliance and innovation to cybersecurity and supply chain disruption. The Board stays abreast of the latest developments through various channels, including industry associations, media, and specialized consultants.
One of the major challenges faced by the Viatris Board of Directors is the increasing competition in the pharmaceutical industry. With the entry of new players and the emergence of new technologies, the company needs to constantly innovate and adapt to stay ahead of the curve. This requires significant investments in research and development, as well as strategic partnerships and collaborations.
Another challenge faced by the Board is the changing healthcare landscape, with a shift towards value-based care and patient-centric models. This requires a fundamental shift in the way the company operates, with a focus on outcomes and patient satisfaction. The Board is actively exploring new business models and partnerships to better align with these changing trends and to deliver better outcomes for patients.
The Viatris Board of Directors has overseen a number of achievements and milestones in recent years. These include the successful integration of Upjohn and Mylan, establishing Viatris as a leading global healthcare company. In addition, Viatris has achieved important milestones in advancing research and development of new medicines and therapies, while also supporting communities with vital healthcare access and resources.
One of the notable achievements of Viatris' Board of Directors is the company's commitment to sustainability and environmental responsibility. Viatris has implemented various initiatives to reduce its carbon footprint and promote sustainable practices across its operations. This includes investing in renewable energy sources, reducing waste and emissions, and promoting eco-friendly packaging for its products.
Furthermore, under the leadership of Viatris' Board of Directors, the company has expanded its global reach and presence. Viatris has established partnerships and collaborations with leading healthcare organizations and institutions around the world, enabling it to bring innovative medicines and therapies to patients in need across different regions and markets.
The Viatris Board of Directors is committed to fostering sustainable growth and innovation while creating value for all stakeholders. This includes continuing to invest in research and development, expanding its product portfolio, and pursuing strategic partnerships and acquisitions. Additionally, the Board will remain focused on ESG issues and seek to integrate them into Viatris's strategic decisions and operations.
In conclusion, the Viatris Board of Directors plays a central role in steering the company towards strategic growth, innovation, and sustainability. By ensuring adherence to ethical and compliance standards, driving diversity and inclusion efforts, and investing in research and development, Viatris is well-positioned for continued success in the competitive healthcare industry.
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