McGaw Chariman Sweeney Resigns

McGaw Inc. said Monday that James Sweeney, who bought the firm in 1990 and arranged its pending sale to a Florida generic drug manufacturer, has resigned his post as chairman and chief executive officer.

Sweeney, 52, who took the Irvine-based provider of intravenous products public last year, was replaced by McGaw President Norwick (Wick) Goodspeed “in anticipation of McGaw’s merger,” the company said.

The resignation was effective immediately, said McGaw spokesman Lawrence Watts. Sweeney was traveling to Florida on Monday and was unavailable for comment.

McGaw announced last month that it had signed a $440-million agreement to be purchased by IVAX Corp. in Miami. The merger is expected to close next month. At that time, McGaw will become a wholly owned subsidiary.

Watts said that Goodspeed was only taking over Sweeney’s chief executive title. The chairmanship of McGaw will remain unfilled during the transition period. At the close of the merger, McGaw’s board of directors will be dissolved.

Watts did not say what Sweeney’s plans were, but he did not rule out a future slot on IVAX’s board of directors.

Otherwise, Sweeney expects to “go on to do more entrepreneurial things,” Watts said.

Sweeney began his career in health care at age 15, when he worked after school at a local hospital. He later became a pioneer of the modern home health care industry, starting up Irvine-based Caremark Inc., one of the nation’s first home health agencies specializing in so-called infusion therapy.

Caremark was eventually purchased by Illinois-based Baxter International, the giant medical products firm, where Sweeney once worked as a marketing executive.

“We wish him well,” Watts said.