IDT Ltd Appoints Dr. Paul MacLeman CEO
MELBOURNE, AUSTRALIA -- (Marketwired) -- 04/04/13 -- IDT Australia
Ltd (ASX: IDT) is pleased to announce the appointment of Dr. Paul
MacLeman as Chief Executive Officer of the Company, effective from 15
Dr. MacLeman has led a number of companies and businesses through
significant turnaround and expansion programmes, successfully
transitioning geographically or sector restricted business to new
markets. As with IDT Ltd, these businesses have had sound business
and asset foundations but required a re-focussing of strategy to
generate maximum value for investors.
In his most recent executive role, Dr. MacLeman was the Chief
Executive Officer of Melbourne based biotechnology company Genetic
Technologies Limited (GTG) where he led a significant turnaround of
the business, building on the non-proprietary genomics capability
through acquisition and US launch of new assets to create a growing
global cancer diagnostics business. GTG was a corporate turnaround,
having lost ninety percent of its market cap since listing on the
NASDAQ in the early 2000s. During his stewardship GTG was the top
performing microcap in its segment on NASDAQ for 2011, having risen
434.6% since the start of the year.
"I am very excited to join IDT," said Dr. MacLeman. "IDT is a true
'blue chip' Australian biotech, with pharmaceutical development
expertise and specialised API and finished product manufacturing
facilities and Phase I clinical operations second to none. My focus
will be on utilising this solid platform to deliver strong and
sustainable growth for the Company."
Chairman and Founder of IDT, Dr. Graeme Blackman OAM, welcomed the
appointment of Dr. MacLeman as the company's new CEO: "IDT has been
through a challenging period in recent times as the traditional fee
for service model of the business faces increasing competition from
low cost alternative providers in China and India and other countries
and from the strong Australian dollar. With his strong strategic,
M&A, operational and technical background, Dr. MacLeman is ideally
placed to leverage the existing outstanding technical and scientific
expertise of IDT and to lead the company's next phase of business
diversification into IP and product acquisitions and to rebuild
shareholder value in the company."
IDT Australia Ltd
Telephone: 03 9837 6402
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