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Pharma & Bio Ingredients
The company named Patrick G. LePore president and chief executive while naming John D. Abernathy non-executive chairman. Both executive chairman Mark Auerbach and president and chief executive Scott Tarriff stepped down at the board of directors' request.
n a statement Tuesday, the company did not give a reason for the change, but said the board had the "highest confidence" in LePore. The statement also thanked the outgoing leadership for their work in building up the company.Spokesman Stephen J. Mock said the board had been discussing the company's future and the decision to ask for the leadership change was a "mutual agreement, evolved from discussions over time." The company is in the midst of trying to expand its position in the generics business while building up its branded drug operations.
In July, Par said it had to restate results from fiscal 2004 and 2005 and the first quarter of 2006 to reduce revenue by up to $55 million and write off about $15 million in inventory. Shares fell to a five-year low on July 6, the day of the announcement, but have since recovered. Nevertheless, Par faces a number of lawsuits related to the restatement.
LePore, 51, was elected to Par's board in May 2006. Prior to that, he worked at Boron Lepore & Associates, a medical communications company and oversaw that company's sale to Cardinal Health Inc. in 2002.
