Watson founder Chao resigns from board

CORONA, Calif. Watson Pharmaceuticals founder and chairman of the board Allen Chao resigned yesterday following the company’s annual stockholder meeting. He was also the company’s chief executive officer from 1985 until September 2007.

Andrew Turner, currently a Watson independent director, will succeed Chao as non-executive chairman. From 2003 until his appointment to the position of chairman, he served as the chairman of the company’s nominating and corporate governance committee, and from 1998 until his appointment to the position of chairman; he served as a member of the company’s audit committee.

“It is an honor to have been selected by the board to succeed Allen. His spirit and loyal guidance have helped to make Watson the company that it is today,” said Andrew Turner. “I look forward to serving in my new capacity as chairman, as we strive to build on the assets we have at Watson, increase value for shareholders, and ensure a rewarding workplace for our employees.”