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Impax Laboratories, Inc.(NASDAQ: IPXL) today announced that Dr. Larry Hsu plans to retire as President and Chief Executive Officer of Impax Laboratories, Inc. Dr. Hsu will remain with the Company in his current position until a replacement CEO is hired; he will also remain a member of the Board of Directors following the appointment of his successor.
Dr. Allen Chao will lead a three-person search committee, which includes Dr. Hsu and Bob Burr, Chairman of the Board of Directors of Impax, to identify and hire Dr. Hsu’s replacement.
Dr. Hsu and the current management team will manage the Company through this transition period. The Board of Directors will be working closely with Dr. Hsu to ensure an orderly transition.
“Larry has been instrumental in every step of Impax' development. As co-founder and later CEO, he helped guide the Company from its founding in 1994, through the 1999 reverse merger with Global Pharmaceuticals that gave Impax its current shape, up through today,” said Bob Burr, Chairman of the Board of Directors of Impax. “Since becoming CEO in 2006, Larry has led Impax through an important period of substantial growth resulting in a four-fold increase in revenues, a strong balance sheet, initiating the Company’s brand strategy and successfully positioning the Company for long-term future growth.”
“The Board of Directors remains confident in and committed to the Company’s strategic direction. We are focused on finding a successor CEO that will lead Impax through its future growth,” Mr. Burr added. “During this time, we will remain focused on our highest corporate priority, promptly and successfully addressing our FDA compliance, while simultaneously continuing to execute on our core competencies in drug delivery expertise, formulation technology and our extensive experience in product development.”
“I am extremely proud of the many accomplishments Impax has realized over the past several years,” said Dr. Hsu. “I am truly grateful for the support I’ve received from the Board of Directors, the executive management team, our customers and our employees. I am confident Impax is well positioned to execute on its long-term business strategy. With an executive management team that boasts significant generic and brand industry experience, I know Impax is well positioned for great success in the future. I look forward to being a key participant in the process of selecting my successor as CEO and ensuring our future growth as a continuing member of the Board of Directors.”