Patterson Cos. on Tuesday named Mark Walchirk, a top executive at McKesson Corp., as its new president and chief executive.
Walchirk, 51, will succeed James Wiltz, who stepped in as interim chief of the dental and veterinary supplies business after the departure of Scott Anderson on June 1. Walchirk, who starts Nov. 20, also will join the board of directors.
“Patterson is a great company with a proud history and an extraordinary opportunity to leverage its position in its markets to deliver great service and solutions to customers and value to shareholders,” Walchirk said in a company release. “I am honored and excited to help lead the team during this transformative time.”
Walchirk was most recently president of the U.S. pharmaceutical unit of McKesson, the largest business of the San Francisco-based company. The business supplied branded, generic and over-the-counter drugs and related services to retail chains, pharmacies, hospitals, health systems and long-term care providers.
Walchirk joined McKesson in 2001 and rose through the executive ranks. Before that, he spent 13 years in medical distribution and manufacturing with Baxter Healthcare, Allegiance Healthcare and Encompass Group. He is a graduate of the University of Illinois.
“After a thorough search, we are pleased to have found such an exceptional leader and operator as Mark to lead Patterson going forward,” said Patterson Chairman John Buck in a news release. “Mark has a proven track record of success in helping a large and complex market leader navigate through an evolving and dynamic environment to achieve growth.”
Patterson, based in St. Paul, is a value-added distributor of dental and animal health products with annual revenue of $5.6 billion in its latest fiscal year, which ended in April. The animal health business accounts for 56 percent of total revenue.
Patterson earned $170.9 million in the previous year, but net income decreased 8.7 percent. Earnings have declined in five of the previous six years.
Walchirk will start with an annual salary of $850,000 a year and be eligible for other employee benefits. He will also receive a restricted stock award worth $2 million as a signing bonus and a lump sum cash bonus of $100,000.
He will also be eligible for annual cash and equity incentive awards, a prorated amount for the remainder of fiscal 2018, and more than $1 million in cash awards and $3 million in equity awards in the years after that.