I'll include CLGY because it's a dramatic board shakeup with a new chairman. Pressure is on ceo.
Opening price 11/7 was 2.98.
Press Release Source: Cellegy Pharmaceuticals, Inc.
Cellegy Pharmaceuticals Appoints Richard C. Williams as Board Chairman
Thursday November 6, 5:04 pm ET
Company Reorganizes Board to Prepare for Growth Phase
SOUTH SAN FRANCISCO, CA--(MARKET WIRE)--Nov 6, 2003 -- Cellegy Pharmaceuticals, Inc. (NasdaqNM:CLGY - News) announced today that it has appointed Mr. Richard C. Williams to the position of Chairman of its Board of Directors, assuming that responsibility from K. Michael Forrest who will retain his positions of President and CEO, and remain a member of the Board of Directors. The Company also appointed Mr. John Q. Adams, Sr. and Mr. Thomas M. Steinberg to its Board as Directors. At the same time, Cellegy accepted the resignations of three of its directors, Mr. Jack Bowman, Mr. Alan Steigrod and Mr. Larry Wells.
"We are pleased to welcome Messrs. Williams, Adams and Steinberg to Cellegy," said K. Michael Forrest, Cellegy's President and CEO. "I look forward to working with our new Chairman, Dick Williams, as well as with our other new directors. John Adams has been associated with the pharmaceutical industry for forty-five years and brings to Cellegy additional operational, marketing, sales and regulatory expertise, and Tom Steinberg brings multi-industry financial experience that will be a critical aid in our goal of achieving long term growth. The combined and varied financial and operational experience of these gentlemen will help us greatly as we move forward into a new phase of aggressively exploring strategies for increasing shareholder value. At the same time, I would like to thank Messrs Bowman, Steigrod and Wells for their invaluable contributions and tireless support over the past several years."
Richard C. Williams, Cellegy's Chairman, stated "We look forward to working with Mike Forrest who as CEO and a director of Cellegy is a source of inspirational leadership and steadfast guidance at the Company. I am confident that Mike and the newly constituted Board will be able to continue to build upon the platform he has created." |
