Up or downPatheon Announces Retirement of Chief Executive Officer
Website: www.patheon.com
TORONTO, May 8 /CNW/ - The Board of Directors of Patheon Inc. (TSX:PTI)
today announced that Robert C. Tedford, the Company's Chief Executive Officer,
has advised the Board that he has decided to retire at this time in order to
pursue a number of personal interests.
As previously announced, Mr. Tedford had indicated his intention to
retire by March 31, 2007, and the selection committee of the Board of
Directors is actively engaged in its efforts to identify a new CEO. In the
meantime, the Board of Directors has established the Office of the Chief
Executive Officer which will carry out the CEO's responsibilities on an
interim basis until a new CEO is appointed. The Office of the Chief Executive
Officer consists of Peter A. W. Green, Chairman of the Board of Patheon, Nick
A. DiPietro, President and Chief Operating Officer, and Douglas L. Ludwig,
Chief Financial Officer and Executive Vice-President. The Office of the CEO
will be focused on improving the profitability of Patheon.
"Bob has been a strong leader for our Company and we thank him for his
tireless efforts over the past 14 years," said Peter Green, Chairman of the
Board of Patheon Inc. "We understand and support Bob's decision to retire now
and we wish him well. Bob and his management team have built a strong platform
for continued growth and have developed a first-class organization that can
manage the Company effectively until the right successor can be named. The
Board of Directors of Patheon is committed to continuing that growth and to
delivering improved shareholder value over the long term."
Mr. Tedford joined Patheon as Chief Financial Officer in 1992 and became
Chief Executive Officer in 1996. Since 1996, the Company's assets have
increased from CAD$31 million to more than US$1 billion at the end of October,
2005, while revenues have grown from CAD$38 million to almost US$700 million
over the same period. Mr. Tedford has served on the Board of Directors since
1993 but, with his retirement as CEO, will be resigning as a Director.
"It has been my privilege to serve as Chief Executive Officer of Patheon
for the past 10 years and I am proud of what we have accomplished," Mr.
Tedford said. "We have built a world leader in pharmaceutical manufacturing
and development services in North America and Europe. I am proud of the
dedication and professionalism of Patheon's employees and its strong
management team. I am confident that they will continue to meet all future
challenges and seize the opportunities ahead as they take the Company to the
next stage of its development."