Ted Karkus Named CEO of The Quigley Corporation; Robert V. Cuddihy, Jr. Named Chief Operating Officer
17 July 2009 - 10:39PM
PR Newswire (US)
DOYLESTOWN, Pa., July 17 /PRNewswire-FirstCall/ -- The Quigley
Corporation, (NASDAQ:QGLY), http://www.quigleyco.com/, today
announced that Ted Karkus, Chairman of the Board of The Quigley
Corporation, has been appointed Chief Executive Officer by the
Board of Directors of the Company. The Company also announced today
that Robert V. Cuddihy, Jr. has been appointed Chief Operating
Officer. Ted Karkus recently conducted a successful proxy contest
which resulted in his slate of directors being elected to the Board
of Directors of the Company. He had been serving as interim CEO
since June 12, 2009. Mr. Karkus has 25 years of Wall Street
experience and since 1996 has been providing management consulting
services to emerging-growth companies. These services have included
the structuring and raising of working capital as well as assisting
management in developing operational, marketing and financial
strategies. Mr. Karkus was instrumental in assisting the turnaround
of ID Biomedical, an influenza vaccine manufacturer, which in 2005
was sold to GalaxoSmithKline for over $1.4 billion. He assisted the
Company in establishing relationships with investment bankers,
personally provided financing as well as substantial sponsorship,
and successfully advocated for the restructuring of management.
Robert V. Cuddihy, Jr. has over 20 years of experience as the Chief
Operating Officer and/or Chief Financial Officer of two public
companies, HMG Worldwide Corporation which focused on retail,
planning and merchandising, and iDNA Inc. which focused on
corporate communications. Most recently, Mr. Cuddihy served as the
President of Shannon Hill Associates providing due diligence,
financial structuring, and transaction negotiation services for
M&A, restructurings and divestitures. The Board of Directors
offered, and Mr. Karkus accepted, the position of CEO at a salary
of $750,000 (plus customary employee benefits). The Board also
offered, and Mr. Cuddihy accepted, the position of COO at a base
salary of $275,000 (plus customary employee benefits) as well as an
annual grant of $50,000 in the Company's common stock. Mr. Karkus
was formerly the interim CEO and Mr. Cuddihy was formerly a
financial consultant to the Company while the Board was reviewing
the Company's operations. The Company does not have a currently
effective equity compensation plan. Accordingly, neither Mr. Karkus
nor the current board members may receive stock options or stock
grants unless and until such time as an equity incentive plan is
adopted by shareholders. Recent resignations of senior executives
and further reductions of head count have reduced the Company's
overall payroll expense by approximately $1.75 million per year,
compared to 2008 levels, even after the hiring of Mr. Karkus and
Mr. Cuddihy. The Compensation Committee of the Board of Directors
was assisted by Buck Consultants in formulating the CEO
compensation arrangement and has been engaged as the compensation
consultant to the Compensation Committee. Buck Consultants, a
wholly owned subsidiary of ACS, began in 1916 and has grown into a
diversified firm that provides consulting services to both public
and private entities, large and small, covering the entire employee
benefit, compensation and broader human resource management fields.
Today, Buck is one of the leading benefit and compensation
consulting and actuarial services firms in the world with more than
1,500 professionals worldwide. About The Quigley Corporation The
Quigley Corporation (NASDAQ:QGLYNASDAQ:http://www.Quigleyco.com) is
a diversified natural health medical science company. Its Cold
Remedy segment is a leading marketer and manufacturer of the
COLD-EEZE family of lozenges, gums and sugar free tablets
clinically proven to cut the common cold nearly in half. COLD-EEZE
customers include leading national wholesalers and distributors, as
well as independent and chain food, drug and mass merchandise
stores and pharmacies. The Quigley Corporation has several wholly
owned subsidiaries; Quigley Manufacturing Inc. consists of an FDA
approved facility to manufacture COLD-EEZE lozenges as well as
fulfill other contract manufacturing opportunities. Quigley Pharma
Inc. (http://www.quigleypharma.com/) conducts research in order to
develop and commercialize a pipeline of patented botanical and
naturally derived potential prescription drugs. Forward-Looking
Statements Certain statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and
unknown risk, uncertainties and other factors that may cause the
Company's actual performance or achievements to be materially
different from the results, performance or achievements expressed
or implied by the forward-looking statement. Factors that impact
such forward-looking statements include, among others, changes in
worldwide general economic conditions, changes in interest rates,
government regulations, and worldwide competition. CONTACT: Ted
Karkus Media Investor Relations Chairman of the Board, CEO Karen
Pineman Carl Hymans The Quigley Corporation G.S. Schwartz & Co.
G.S. Schwartz & Co. (215) 345-0919 212.725.4500 212.725.4500
DATASOURCE: The Quigley Corporation CONTACT: Ted Karkus, Chairman
of the Board, CEO, The Quigley Corporation, +1-215-345-0919; Media:
Karen Pineman, +1-212-725-4500, , or Investors: Carl Hymans,
+1-212-725-4500, , both of G.S. Schwartz & Co. for The Quigley
Corporation Web Site: http://www.quigleyco.com/
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