ISOLYSER ANNOUNCES RETIREMENT OF PRESIDENT,
APPOINTMENT OF NEW CHAIRMAN, AND APPOINTMENT OF
INDEPENDENT DIRECTOR
NORCROSS, Ga.--(BUSINESS WIRE)--April 14, 1997-- Isolyser Co Inc today announced that Robert L. Taylor is
retiring and has submitted his resignation as Chairman, President and Chief Executive Officer of Isolyser. At the Board's
request, Mr. Taylor will continue with the Company on a full-time basis through May 1, 1997, and will thereafter assist the
Company on an as-needed basis in a consulting capacity.
Named as Chairman of the Board of Directors and acting President was Gene R. McGrevin. With the appointment of Mr.
McGrevin, the Board of Isolyser has also established an executive committee which will lead the search for a new Chief
Executive Officer. Mr. McGrevin is an experienced executive in the healthcare industry, having most recently served as Vice
Chairman and Chief Executive Officer of Syncor International Corp., a leader in the nuclear medicine business. Prior to
running Syncor, Mr. McGrevin served in executive positions with various healthcare businesses including President of the
Health Care Products Group of Kimberly-Clark Corporation, founder and President of a consulting firm specializing in the
healthcare industry, and an executive officer of VHA Enterprises, Inc. Since early 1997, Mr. McGrevin has been consulting
with Isolyser.
The Company also announced the appointment of Olivia F. Kirtley to the Board of Directors. Ms. Kirtley is the Chief
Financial Officer of Vermont American Corporation of Louisville, Kentucky, the world's largest manufacturer and marketer of
power tool accessories. Prior to joining Vermont American Corporation in 1979, Ms. Kirtley was a Senior Tax Manager with
Ernst & Young. Ms. Kirtley was recently nominated to become the Vice Chair of the American Institute of Certified Public
Accountants and currently serves on the Board of Directors to the AICPA. Ms. Kirtley fills the position of Jamal Silim who
concurrently resigned due to other commitments.
Mr. Taylor explained, "We have built Isolyser over the past 10 years from concept to a company that has demonstrated that
our OREX(R) Degradables(TM) is a viable technology. Our Company now needs leadership with a different set of skills to
take the Company to the next level and capitalize on the substantial potential of OREX(R) in industries both within and outside
of healthcare." Mr. Taylor pointed out that he will remain a major Isolyser shareholder as he enters his retirement.
Mr. McGrevin observed, "We owe a great deal of gratitude to Bob. Through his vision and entrepreneurial spirit, he has
established our broad line of OREX(R) products as a viable solution to a major disposal problem confronting hospitals and
other industries and created a framework for their manufacture and distribution through key strategic acquisitions."
He continued, "As Bob indicated, part of our future challenge is to expand our technology into broader applications utilizing
supply agreements, strategic alliances and other methods. We will continue to focus on improving our business in the
healthcare industry and remain committed to that market. I am pleased to have the support of a capable Board as we address
our challenges, and we welcome the contributions and expertise Ms. Kirtley provides to the Company."
Mr. McGrevin noted that Executive Vice President Travis W. Honeycutt will remain in charge of Research and Development
and that Dan R. Lee continues as Chief Financial Officer. |
