Procter & Gamble veteran replaces Cardinal founder

Robert Walter, 60, resigned as chief executive officer at Cardinal Health, Dublin, Ohio, and was replaced, effective immediately, by Kerry Clark, 53, a Procter & Gamble Co. executive, who also will join Cardinal's board. In addition, Clark will take over the responsibilities of president and chief operating officer from George Fotiades, who plans to step down after a transition period. The company did not provide a timetable for the transition. Walter founded Cardinal as a food-distribution company, and during his 35 years as CEO, it grew into a major healthcare-supply distributor. Walter will continue to serve as Cardinal's board chairman. Clark spent 32 years at P&G, most recently as vice chairman of its global family-health division. A spokesman said Cardinal officials hope Clark's international experience will help the company grow outside of the U.S. In the first six months of Cardinal's fiscal 2006, the company earned $532.3 million on revenue of $39.3 billion. -- by Joseph Mantone