For Bergen Brunswig, it's another Martini, straight up

Drug Store News, August 20, 1990

For Bergen Brunswig, it's another Martini, straight up

ORANGE, Calif. - When Emil P. Martini, Jr., retires as ceo at Bergen Brunswig the end of this month, his younger brother, president Robert E. Martini, will assume the extra title.

Emil Martini will continue as chairman. Dwight Steffensen, executive vp, will take on the chief operations officer responsibility.

"This move is the latest stage in a transitional period that has developed over the past few years," John T. Fay, Jr., vp, told Drug Store News. "The strategic direction of the company will remain the same, the brothers are just changing responsibilities as they ease into retirement."

The change was not a total surprise, since the company has a retirement plan which is designed to encourage retirement at the age of 62, Fay said. Emil Martini turned 62 on August 9. Additionally, the company's fiscal year ends on August 31. "Obviously, it seemed to him to be the right time for a change," Fay said.

The move fits in with the recapitalization plan, approved by shareholders a year and a half ago, Fay added. Under that plan, the company's B stock, currently held by the Martini brothers, would convert to A stock by 1994.

Bergen Brunswig has eclipsed $3.5 billion in sales, and is credited with being a drug wholesaler on the cutting edge of technology.