News: WORCESTER, MA, Sept. 29 /PRNewswire-FirstCall/ - Generex Biotechnology Corporation (Nasdaq:GNBT - News), which is engaged in the research, development, and commercialization of drug delivery systems and technologies, today announced that its Board of Directors has appointed Mark Fletcher as Interim President and Chief Executive Officer effective immediately. The Board also appointed John P. Barratt, an independent director, to serve as Chairman of the Board.
Mr. Fletcher and Mr. Barratt succeed Anna E. Gluskin as Chief Executive Officer and President, and as Chairman, respectively. Ms. Gluskin continues as a director of the company. Mr. Fletcher has served as Generex's Executive Vice-President and General Counsel since joining the company in April 2003. Mr. Fletcher has practiced law since being admitted to the bar in Ontario, Canada, in 1991. Mr. Barratt has served on the Board since 2003, chairing the audit and compensation committees during this period of time.
In addition, the Board has appointed a special committee comprising its three independent directors. The special committee's responsibilities include immediately commencing a search to identify candidates to secure a permanent President and Chief Executive Officer.
"The directors recognize Ms. Gluskin's role as a co-founder of Generex and her contributions since becoming a director and President and CEO in 1997," said Mr. Barratt. "During the past 13 years, Generex has developed core technologies and products that we continue to believe will be the platform for future growth, profitability, and the creation of value for the company's shareholders.
"The Board has concluded, however, that Generex has reached a stage in its maturation where new senior management leadership is now needed for the company to capitalize more effectively on the opportunities that we believe are available to the company. We believe that a tighter focus on the company's core business is needed and we have determined that this can only be achieved under a new President and CEO," Mr. Barratt said.
"At the request of the Board, I have agreed to take on the responsibilities of President and CEO of Generex on an interim basis," said Mr. Fletcher. "I will work with the Board to develop and execute growth strategies that focus on our strengths. I intend to maintain the many important partnerships that we have forged internationally with respect to the development and commercialization of our drug delivery systems and technologies."
