When Jorge Gomez was named CFO of Cardinal Health'spharmaceutical division this past February, he was taking charge ofthe finances of an operation about which he already knew a gooddeal. At the time, Gomez was serving as treasurer of its parentcompany, Dublin, Ohio-based Cardinal Health, a $103-billion drugdistribution company, and prior to that, he had been the company'scontroller. The pharmaceutical division accounts for $94 billion ofCardinal Health's revenue.

“Cardinal Health has a pretty robust rotational program forhelping executives become familiar with various roles in thecompany,” says Gomez, noting that the person he succeeded as CFO ofthe pharmaceutical unit moved into his previous job as corporatetreasurer.

As treasurer, Gomez led the $5 billion spin-off of CardinalHealth's medical technologies unit, CareFusion. The company decidedthe unit, with $4 billion in sales, was not a good fit with itsstrategic plan: to boost its credit ratings significantly and focusmore on the drug distribution business, while increasing thecompany's dividend and making it more of a value, growth and incomeplay for investors at the same time.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.