AMRI Announces Executive Leadership Changes
ALBANY, New York, Sept. 9, 2013
- Thomas E. D'Ambra, Ph.D. to Retire as President and CEO; to be Named
Chairman of the Board
- Current Chairman of the Board William S. Marth to Succeed Dr. D'Ambra
Effective January 1, 2014
ALBANY, New York, Sept.9, 2013 /PRNewswire/ -- Albany Molecular Research,
Inc. (NASDAQ: AMRI), a leading global contract research and manufacturing
organization, announced that Thomas E. D'Ambra, Ph.D. will retire as President
and Chief Executive Officer of the Company, effective December 31, 2013. Dr.
D'Ambra will be named the Company's non-executive Chairman of the Board of
Directors on the same date.
Dr. D'Ambra will be succeeded as President and CEO by Mr. William S. Marth,
currently non-executive Chairman of the AMRI Board, effective January 1, 2014.
Mr. Marth will remain a member of the Company's Board of Directors.
Dr. D'Ambra, AMRI's founder, commented, "I am very proud of what AMRI has
accomplished since my founding of the Company over 22 years ago. We have
achieved a track record of success in providing customers with a full range of
high quality services together with informed decision-making, enhanced
efficiency and more successful outcomes at all stages of the drug development
process. With forecasted revenue approaching $250 million in 2013 and more
than 1,300 employees worldwide, our business today supports more than 100
clinical and commercial programs for over 300 companies and shows great
promise for the future."
"I have been fortunate to have worked with a large number of current and
former colleagues who have helped create and grow this wonderful organization
and believe that market dynamics and the evolving business climate favor the
continued growth of strategic outsourcing," continued Dr. D'Ambra. "It is the
right time for me to turn over the reins to a new leader and I am truly
excited that Bill Marth will be leading the organization, particularly at this
stage in the company's evolution. Under Bill's leadership I am confident the
long term growth prospects for AMRI are bright and I look forward to working
with and supporting Bill and the leadership team by re-assuming my role as
Mr. Marth commented, "I am very pleased to accept the role of President and
Chief Executive Officer at AMRI during this exciting time. Dr. D'Ambra and his
leadership team have built a very successful company and I look forward to
continuing that tradition of success by executing on the current strategies,
as well as identifying new opportunities to further build value for AMRI
shareholders, employees and customers."
Mr. Kevin O'Connor , on behalf of the AMRI Board of Directors commented, "We
are very pleased to announce that Bill Marth will succeed Tom as President and
Chief Executive Officer of AMRI. Bill led the Americas division of Teva
through a period of unprecedented growth from a $400 million business to a $12
billion business and presided over 10 major acquisitions during his tenure. He
is uniquely qualified at executing strategic initiatives that have transformed
businesses during periods of growth and change. We see significant long-term
growth opportunities due to ongoing industry changes and increased outsourcing
of high value pharmaceutical services. AMRI is at a unique inflection point in
its life cycle and we look forward to Bill applying his knowledge and
expertise to help AMRI achieve new levels of growth."
Mr. O'Connor continued, "On behalf of the AMRI Board of Directors, I'd like to
thank Tom for his vision and leadership over the years. AMRI has demonstrated
its adaptability as pharmaceutical and biotechnology industries have undergone
tremendous change in response to multiple challenges. Tom has been
instrumental in successfully positioning AMRI as a leader in providing high
quality outsourcing services to the industry, an area of focus that has
tremendous promise in the future. Continuing their effective partnership, Tom
will be working with Bill to ensure a seamless transition of day-to-day
activities and we look forward to Tom re-assuming his role as Chairman of the
Board, as AMRI will continue to benefit from his vast industry expertise."
Mr. Marth joined AMRI as a member of the Board of Directors in June 2012. Mr.
Marth was formerly President and Chief Executive Officer of Teva Americas,
retiring from Teva in 2012. He serves as a senior advisor to Teva through the
end of 2013. He had previously served as President and Chief Executive Officer
of Teva North America from January 2008 to June 2010 and prior to that as
President and Chief Executive Officer of Teva USA. He was previously Executive
Vice President and Vice President of Sales and Marketing for Teva USA.
Mr. Marth played a significant role in establishing Teva as a leading
Specialty Pharmaceutical company and being ultimately recognized as the
worldwide No. 1 producer of generic drugs. In his role, he led the
respiratory, neuroscience, oncology and women's healthcare divisions, as well
as Latin America and Canada. He was a member of Teva's global executive
management team and Teva Americas' board of directors from 2007 until 2013. He
brings to this role global experience in strategic planning, investor
relations, R&D, supply chain and regulatory. He was the architect of the $6.8
billion Cephalon and $7.4 billion Barr Laboratories acquisitions. Prior to
joining Teva USA, he held various positions with the Apothecon division of
Mr. Marth earned his B.Sc. in Pharmacy from the University of Illinois in 1977
and his M.B.A. in 1989 from the Keller Graduate School of Management, DeVry
University. He is a licensed pharmacist and serves on various other boards and
committees, including The University of the Sciences in Philadelphia and the
Board of Ambassadors for John Hopkins' Project RESTORE. In addition, Mr. Marth
served as the Chairman of the Board of the Generic Pharmaceutical Association
(GPhA) in 2008 and 2009 and the American Society for Health-System Pharmacists
(ASHP) in 2010.
AMRI will hold a conference call at 8:30 a.m. ET on Monday, September 9, 2013
to discuss executive transition matters. During the conference call, the
company may discuss information not previously disclosed to the public. The
conference call can be accessed by dialing +1-888-481-2844 (domestic calls) or
+1-719-325-2491 (international calls) at 8:20 a.m. ET and entering pass code
6898708. The audio webcast will be available live via the Internet and can be
accessed on the company's website at www.amriglobal.com . Replays of the audio
webcast can also be accessed for up to 90 days after the call via the investor
area of the company's website at www.amriglobal.com/investor_relations/ .
Albany Molecular Research, Inc. (AMRI) is a global contract research and
manufacturing organization offering customers fully integrated drug discovery,
development and manufacturing services. For over 21 years, AMRI has
demonstrated its adaptability as the pharmaceutical and biotechnology
industries have undergone tremendous change in response to multiple
challenges. This experience, a track record of success and locations in the
United States, Europe and Asia now provides our customers with SMARTSOURCING™,
a full range of value-added opportunities providing customers informed
decision-making, enhanced efficiency and more successful outcomes at all
stages of the pipeline. AMRI has also successfully partnered R&D programs and
is actively seeking to out-license its remaining programs for further
development. For more information about AMRI, please visit our website at
www.amriglobal.com or follow us on Twitter (@amriglobal).
Contact: Investors: Michael Nolan, AMRI Chief Financial Officer,
+1-518-512-2261, Media: Gina Monari, AMRI Communications, +1-518-512-2512
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