PDI, Inc. (PDII), a provider of commercialization services to the biopharmaceutical industry, announced Friday, the retirement of Michael Marquard as the chief executive officer and a member of the Board, effective today.
The company said it would immediately begin the search for a new chief executive officer. PDI has formed a search committee headed by Jan Martens Vecsi, a member of the company's Board of Directors that will seek the help of a renowned search firm.
The company is confident about the capabilities of Vecsi, who has a successful career in hiring high-level executives.
Meanwhile, John Dugan, chairman of the board, former chief executive officer and founder of the company will play an active role in overseeing the company's operations.
Further, the company said Jeffrey Smith, its executive vice president, finance and chief financial officer, has been named the interim chief executive officer. Smith has more than 30 years of experience in finance and general management.
James Farrell, vice president, controller would be assuming Smith's duties on an interim basis.
Shares of PDII closed Thursday's trading session at $8.31. For the past 52-weeks, the stock has been trading in the range of $7.01 - $12.40.
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