East Rutherford, NJ – Cambrex Corporation (NYSE: CBM, “Cambrex”) today announced that James A. Mack, Chairman, President and CEO, will retain his current responsibilities for the indefinite future and the Company has implemented a number of changes to its senior leadership team.
Effective immediately, the Board of Directors has approved the following executive appointments: Steven M. Klosk — Executive Vice President, Chief Operating Officer; Gregory P. Sargen — Vice President, Chief Financial Officer; and Luke M. Beshar — Executive Vice President, Strategy & Corporate Development. The following individuals will continue in their current capacities reporting directly to Mr. Mack: Peter E. Thauer — Senior Vice President, General Counsel & Corporate Secretary, and Paolo Russolo — President, Profarmaco Milano. Thomas N. Bird, Vice President — Corporate Development will be leaving the Company to pursue other interests effective February 28, 2007
Mr. Mack commented: “I am excited about the future prospects of Cambrex and believe that the new leadership team represents the best in the industry.”
Steve Klosk brings to his new role over 14 years of progressive experience at Cambrex, serving most recently as Executive Vice President, Chief Operating Officer of Cambrex Pharma and Biopharma where he led the turnaround of the Biopharma business and significantly increased the custom development activities within the Pharma business. Greg Sargen, who is a CPA with an MBA degree from the Wharton School of Business and has served as Vice President – Finance for Cambrex for the last four years, brings the rare combination of broad financial experience, excellent business acumen, and strong leadership skills to his new position.
Luke Beshar, during his tenure as Executive Vice President & CFO, was instrumental in upgrading the corporate and business unit financial staffs and successfully completing a number of other key initiatives. Most recently, he directed the evaluation of strategic alternatives, a yearlong, corporate-wide effort resulting in the recent sale of the Bioproducts and Biopharma businesses. In his new role, Mr. Beshar will work closely with Mr. Mack to identify and evaluate strategic and corporate development opportunities, lead investor relations, assist in the establishment of the Company’s new line of credit, oversee transition services provided to the buyers of the recently divested businesses, and direct other special projects. Peter Thauer has been a key member of the team leading Cambrex as Senior Vice President & General Counsel over the last 18 years and most recently was a key contributor to the process that resulted in the sale of the Bioproducts and Biopharma businesses. Paolo Russolo has a proven track record of consistently running the Cambrex generics business at market leading profitability levels over the last 25 years.
Mr. Mack concluded: “I want to thank Tom Bird for his nearly 10 years of dedicated service in a number of challenging roles at Cambrex. We wish him well in his future endeavors.”