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June 17, 2024

Prominent CT chemical company founder, UConn donor/philanthropist to step down as CEO

Photo | Contributed Peter J. Werth is the founder and CEO of Woodbridge-based pharmaceutical company ChemWerth.

Peter J. Werth, founder of a Woodbridge-based supplier and developer of generic drug ingredients, announced Monday he will be stepping down as president and CEO of ChemWerth.

In an announcement, Werth said he is leaving his CEO post effective immediately “to spend more time on his entrepreneurial ventures and many philanthropic efforts.”

His son, Pete Werth III, who has been involved in the company since its inception, is taking over as president. Werth III has held several leadership positions over the years. He most recently served as a member of ChemWerth’s board of directors and was a senior advisor to the company.

Peter J. Werth founded ChemWerth in 1982 and led the company for 42 years and is considered a key player in helping shape the generic pharmaceutical industry. He will continue to serve as chairman of ChemWerth’s board of directors and will remain engaged in product selection and development, the company said.

“After 40-plus years, the time was right for me to hand over the reins to the next generation,” said the elder Werth. “Pete has been working closely with me for many years, and I have the utmost confidence in his skills and experience to take ChemWerth to the next level.”

Besides building a company that generated between $50 million to $75 million in revenue last year, Peter J. Werth is a well-known philanthropist. In 2017, he committed to giving $22.5 million to UConn to create the Peter J. Werth Institute for Entrepreneurship and Innovation. There is also a UConn residence tower named after Werth. 

He also has a UConn residence tower named after him. 

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