New Boss, New Loss at King Pharma

The drugmaker names a temporary CEO and non-executive chairman but losses its president.
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King Pharmaceuticals

(KG)

named a temporary CEO and a non-executive chairman following the sudden resignation of Jefferson J. Gregory on Friday. Gregory also resigned from the board of directors.

In addition, the Bristol, Tenn.-based company announced Monday evening that Kyle P. Macione had resigned as president. He was promoted to president in April 2002 after having served as executive vice president for corporate affairs.

The company didn't say when a permanent CEO would be chosen. Gregory had been CEO since January 2002 and chairman since June 2002. Previously, he had been the company's president.

Gregory said three months ago that he planned to resign as CEO but would stay with King until a successor had been chosen. At the time, Gregory said he would remain as chairman.

About two hours after markets had closed Monday, King announced that Brian A. Markison would be the interim chief executive and president. He joined the company in March as chief operating officer after having been an executive at

Bristol-Myers Squibb

(BMY) - Get Report

.

The company also named Ted. G. Wood as non-executive chairman. Wood is a director of King. He retired in 2002 as president of The United Company, of Bristol, Va., which has holdings in natural resources, financial services and manufacturing distribution. Previously, he held executive jobs at several drug companies.