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George Barrett, former vice chairman and CEO of Cardinal Health's Healthcare Supply Chain Services division, was elected CEO of the company and chairman of Cardinal Health's board of directors yesterday. Barrett, 54, will be replacing acting CEO R. Kerry Clark as of Aug. 31.

R. Kerry Clark announced earlier this year that he would be retiring following Cardinal Health's spinoff of CareFusion.

"One behalf of the board and all of Cardinal Health, I want to thank Kerry for his clear vision and leadership during his tenure as chairman and CEO," said Cardinal Health director Richard Notebaert, in a press release. "His legacy begins with the repositioning of Cardinal Health to better serve our hospital and pharmacy customers and will culminate in the planned spinoff of CareFusion--enabling two companies to better serve their customers, employees and shareholders. We wish him all the best in his next chapter of life."

As of Oct. 1, Time Warner Cable president and CEO Glenn A. Britt, 60, will be named a director of Cardinal Health. Britt has been with Time Warner since 1972 and has held positions including treasurer, CFO and executive vice president of the communications company.

"Glenn brings a vast amount of public company leadership and financial expertise to our board of directors," Barrett said in the release. "His experience will provide unique insights and a solid understanding of the consumer environment, which becomes increasingly important as health care evolves. We look forward to his participation on the board starting this fall."

John Finn was also named presiding director of Cardinal Health's board and chairman of the audit committee, effective upon the conclusion of the CareFusion spinoff this summer.

Cardinal Health's restructuring goes beyond high-level personnel changes. The company's board of directors has authorized a $500 million share repurchase program that is intended to counter dilution resulting from equity grants linked to a long-term incentive program for Cardinal Health employees. The share repurchase program runs until Aug. 31, 2012.

The company's board announced the 100th consecutive regular dividend, paying $0.175 per share to shareholders on Oct. 1. As of June 30, Cardinal Health had an estimated 361 million shares outstanding.

Dublin, Ohio-based Cardinal Health, Inc. is a $91 billion global company providing health care products and services to hospitals, pharmacies and health care practices. Leading products include Alaris IV pumps, Pyxis automated dispensing and patient identification systems, MedMined electronic infection surveillance service and VIASYS respiratory care products.

Read more on DOTmed:

CareFusion Prepares for Spin-Off
http://www.dotmed.com/news/story/9736/

CareFusion Launches New Brand
http://www.dotmed.com/news/story/9538/

CareFusion Corporation Names Board of Directors
http://www.dotmed.com/news/story/9311/

Cardinal Health Announces New Name for Spinoff Company
http://www.dotmed.com/news/story/8194/