Howard Solomon will retire as chief executive officer and president of Forest Laboratories, Inc., effective December 31, 2013. Mr. Solomon is expected to remain as chairman through the 2014 Annual General Meeting (AGM), at which time another chairman will be elected. Mr. Solomon will retain the title of chairman emeritus after the 2014 AGM and has agreed to serve as senior advisor to the company following his retirement. Mr. Solomon has served as chief executive since 1977, chairman since 1998 and president since 2010. With the help of executive search firm Spencer Stuart, the board expects to name Mr. Solomon’s successor before the end of the year.

Kenneth E. Goodman, presiding Independent Director, said, “On behalf of the board and the entire company, we would like to express our appreciation for Howard’s dedication, strategic vision and immeasurable contributions to Forest and its shareholders for nearly 50 years, 36 of those years as CEO. Under Howard’s leadership, Forest has evolved from a small-scale producer of vitamin pills into an innovative and fully integrated pharmaceutical company with a market capitalization of over $10 billion and a proud history of innovation, strong execution and delivering value for shareholders. We are delighted that Howard is available to continue to serve Forest as chairman and as a director and senior advisor to the company following his retirement.”