David P. Southwell to Resign as Chief Financial Officer of Sepracor
Thursday May 15, 7:00 am ET
[The housecleaning at Sepracor continues. I think David has done a very good job over the years, but evidently Adams wants someone else at the levers of financial power].
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Sepracor Inc. (Nasdaq: SEPR - News) today announced that David P. Southwell has notified the Company that he will resign as Executive Vice President, Chief Financial Officer as of May 20, 2008 to pursue other interests. Mr. Southwell will remain as a consultant to Sepracor until December 31, 2008, to assist in corporate activities. Mr. Southwell has served as Chief Financial Officer of Sepracor since 1994.
“After fourteen exciting years at Sepracor, I am looking forward to pursuing other entrepreneurial activities,” said Mr. Southwell. “With the addition of its recently in-licensed products, Sepracor is well-positioned for its evolution into a fully diversified pharmaceutical company, and I look forward to continuing with the company as a consultant until the end of the year.”
During his tenure, Sepracor and its subsidiaries have raised approximately $3.0 billion in three public equity offerings and nine private placements of convertible debt securities. In May 2007, Mr. Southwell assumed the additional responsibility of leadership of corporate planning, development and licensing. Prior to joining Sepracor, Mr. Southwell was a Vice President in investment banking with Lehman Brothers in New York. His career at Lehman spanned ten years, and included mergers, acquisitions, leveraged buyouts, restructurings and debt and equity financing transactions. While at Lehman, he managed Sepracor’s initial public offering in September 1991. He is a member of the Board of PTC Therapeutics and is Chairman of the MBA Advisory Board of the Tuck School at Dartmouth.
“David has played a major role in creating a highly successful, fully integrated public pharmaceutical company, and his impact will have a lasting impression on Sepracor, its employees and shareholders for many years to come,” said Adrian Adams, President and Chief Executive Officer of Sepracor. “We all wish him well in the next phase of his career and life – a phase that I am sure will bring continued personal and professional success.”
Sepracor Names Robert F. Scumaci as Chief Financial Officer
Thursday May 15, 7:02 am ET
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Sepracor Inc. (Nasdaq: SEPR - News) today announced that its Board of Directors has approved the appointment of Robert F. Scumaci as Executive Vice President and Chief Financial Officer. Mr. Scumaci most recently served as Executive Vice President, Corporate Finance, Administration and Technical Operations at Sepracor. Mr. Scumaci will assume his new role on May 20, 2008, replacing David P. Southwell, who is resigning to pursue other interests but will remain a consultant to the company through the end of the year.
“I am very pleased to announce Bob’s appointment as our new Chief Financial Officer,” said Adrian Adams, President and Chief Executive Officer of Sepracor. “Bob brings with him a wealth of skills in finance, administration and general management. Over the last 13 years, Bob has had a strong record of leadership and accomplishments at Sepracor and has recruited, developed and managed fully integrated accounting, finance, information technologies, human resources and facility engineering departments. We are embarking on a very exciting growth phase for the Company, and Bob will play an integral role in planning and executing our core strategy against the expectations we set.”
Prior to serving as Executive Vice President, Corporate Finance, Administration and Technical Operations at Sepracor, Mr. Scumaci served as Senior Vice President, Finance and Administration and Treasurer and Vice President of Finance and Controller. Mr. Scumaci also spent seven years at Ares-Serono Group in various finance-related positions. Prior to Ares-Serono Group, Mr. Scumaci was employed at Revlon Health Care Group, and he began his career at Coopers and Lybrand. |
