KENILWORTH, N.J. (AP) -- Fred Hassan calls running Schering-Plough Corp. the toughest job he's ever had: taking a drug company in critical condition, treating its ills simultaneously and restoring health.
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But within 3 1/2 years, the chief executive has managed to put Schering-Plough back in the black, nudge up its stock price and cure most of the disorders he inherited from prior management. Those included slumping sales with little prospect of lucrative new drugs, a demoralized work force and multiple government probes of corporate wrongdoing and manufacturing violations.
Hassan is so well regarded as a turnaround specialist that speculation surfaced Friday Schering-Plough might try to merge with New York-based Bristol-Myers Squibb Co., which booted its CEO Tuesday. Neither company would comment on that possibility.
Schering-Plough makes prescription respiratory, cholesterol and hepatitis drugs and consumer items such as Coppertone sun care lotions, Claritin allergy pills and Dr. Scholl's foot care products. The company has been on the rebound since Hassan, a Harvard-trained MBA from Pakistan, took over.
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