PolyMedica's Lee to retire as CEO immediately
WOBURN, Mass., Aug 5 (Reuters) - PolyMedica Corp. <PLMD.O>, under investigation by the Justice Department and known for its Liberty Medical diabetes test kits advertised on television, on Monday said chairman, chief executive and co-founder Steven Lee will retire as CEO, effective immediately.
A spokeswoman said Lee's departure is not connected with the ongoing U.S. Department of Justice investigation. Lee will continue serving as chairman through Dec. 31 while the board conducts a search for his successor.
The Woburn, Massachusetts-based company in May said it is cooperating with the Department of Justice investigation. Published reports have said it centers on allegations of Medicare fraud.
Samuel Shanaman, 61, a director since November 2001, was named lead director, a new post, and will be acting CEO until the company names a successor.
PolyMedica spokeswoman Denise DesChenes said Lee, 55, the entrepreneur who helped found the company, believes that, as the company has grown, it needs new leadership.
"He and the board felt now was the right time," she said.
PolyMedica's shares closed at $29.95 in Friday trade on the New York Stock Exchange.
08/05/02 09:24 ET |
