Shire plans to relocate more than 500 positions to Massachusetts from its Chesterbrook, PA, site and establish Lexington, MA, as the company’s US operational headquarters.
Shire plans to relocate more than 500 positions to Massachusetts from its Chesterbrook, PA, site and establish Lexington, MA, as the company’s US operational headquarters. The transition is a continuation of the company’s “One Shire” efficiency program and will streamline business globally through two principal locations-Massachusetts and Switzerland-with support from a limited number of regional and country-based offices around the world.
The company says simplifying operations in two principal locations will increase efficiencies; it expects to realize approximately $25 million in annual savings beginning in 2016. The site strategy will reportedly enable greater alignment and execution of priorities between the company’s commercial and R&D teams and strengthen collaboration and cross-development of employees. Shire plans to move employees in several phases beginning in the first quarter of 2015 and targets completion by the first quarter of 2016.
As previously announced, interim CFO James Bowling will be leaving Shire. Jeff Poulton, head of investor relations, will assume the role of interim CFO effective January 1, 2015. The CFO position will be based in Lexington.