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Document Preview For Immediate Release |
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Title: |
For Immediate Release |
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Entities: |
Cima Labs Inc.; GlaxoSmithKline plc; Salix Pharmaceuticals Ltd.; Smithkline Beecham plc; Harvard University; University of Pennsylvania |
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Date: |
2003 |
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Size: |
7KB total |
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Price: |
$39 |
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ID: |
#327155 |
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FOR IMMEDIATE RELEASE
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Contact: |
Adam C. Derbyshire Senior Vice President and Chief Financial Officer 919-862-1000 |
Mike Freeman Director, Investor Relations and Corporate Communications 919-862-1000 |
SALIX PHARMACEUTICALS ANNOUNCES INITIATIVES
REGARDING CORPORATE GOVERNANCE
RALEIGH, NC, September 2, 2003 - Salix Pharmaceuticals, Ltd. (Nasdaq:SLXP) announced today the implementation of changes to its internal structure, including appointment of a non-employee Chairman of the Board and various Bylaw amendments, to improve corporate governance and clarify governance procedures.
Salix is committed to excellence in every aspect of its business and operations. In June 2003, Institutional Shareholder Services, or ISS, the leading independent proxy advisory firm in the United States, gave Salix a Corporate Governance Quotient rating of 92.2%. This rating means that, in ISS opinion, Salix outperformed 92.2% of all companies that comprise the Russell 3000 index with respect to corporate governance. During the Companys second quarter 2003 conference call in July, the Company announced that, even with this commendable level of performance, the Board of Directors would be meeting with outside advisors to discuss ways to continue improving the Companys corporate governance. Based upon input from these outside advisors and internal discussions, the Board of Directors, with unanimous agreement, has instituted the changes announced today.
Bob Ruscher, the current Chairman, has announced his intention to step down from the Board by the end of 2003, to allow an independent director to assume the role of Chairman and to create a super-majority comprised of independent outside directors. Effective immediately, John F. Chappell, currently an independent Board member, will become Chairman of the Board. The Board has engaged the services of an independent search firm and is in the process of seeking to
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