The 10Q SEC report available at the ENMD website includes an exhibit which provides an explanation of NC's departure. The original employment contract (EC) was written for a nine month period terminating on December 31, 2003. NC was hired with the understanding that a search would be conducted for the position CEO. He was informed that he would be considered for that position. At the date expiration, NC's contract was renewed for the period January 1 thru April 30, 2004. The EC states that the search is expected to be completed by April 30, 2004 and if a candidate other than NC has been selected, NC will be given 30 days notice of termination.
The implication is that a new CEO has been successfully recruited and NC, by agreement, will depart.
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