Navigation Links
Ted Karkus Named CEO of The Quigley Corporation; Robert V. Cuddihy, Jr. Named Chief Operating Officer
Date:7/17/2009

DOYLESTOWN, Pa., July 17 /PRNewswire-FirstCall/ -- The Quigley Corporation, (Nasdaq: QGLY), www.quigleyco.com, today announced that Ted Karkus, Chairman of the Board of The Quigley Corporation, has been appointed Chief Executive Officer by the Board of Directors of the Company. The Company also announced today that Robert V. Cuddihy, Jr. has been appointed Chief Operating Officer.

Ted Karkus recently conducted a successful proxy contest which resulted in his slate of directors being elected to the Board of Directors of the Company. He had been serving as interim CEO since June 12, 2009. Mr. Karkus has 25 years of Wall Street experience and since 1996 has been providing management consulting services to emerging-growth companies. These services have included the structuring and raising of working capital as well as assisting management in developing operational, marketing and financial strategies. Mr. Karkus was instrumental in assisting the turnaround of ID Biomedical, an influenza vaccine manufacturer, which in 2005 was sold to GalaxoSmithKline for over $1.4 billion. He assisted the Company in establishing relationships with investment bankers, personally provided financing as well as substantial sponsorship, and successfully advocated for the restructuring of management.

Robert V. Cuddihy, Jr. has over 20 years of experience as the Chief Operating Officer and/or Chief Financial Officer of two public companies, HMG Worldwide Corporation which focused on retail, planning and merchandising, and iDNA Inc. which focused on corporate communications. Most recently, Mr. Cuddihy served as the President of Shannon Hill Associates providing due diligence, financial structuring, and transaction negotiation services for M&A, restructurings and divestitures.

The Board of Directors offered, and Mr. Karkus accepted, the position of CEO at a salary of $750,000 (plus customary employee benefits). The Board also offered, and Mr. Cuddihy accepted, the position of COO at a base salary of $275,000 (plus customary employee benefits) as well as an annual grant of $50,000 in the Company's common stock. Mr. Karkus was formerly the interim CEO and Mr. Cuddihy was formerly a financial consultant to the Company while the Board was reviewing the Company's operations.

The Company does not have a currently effective equity compensation plan. Accordingly, neither Mr. Karkus nor the current board members may receive stock options or stock grants unless and until such time as an equity incentive plan is adopted by shareholders.

Recent resignations of senior executives and further reductions of head count have reduced the Company's overall payroll expense by approximately $1.75 million per year, compared to 2008 levels, even after the hiring of Mr. Karkus and Mr. Cuddihy.

The Compensation Committee of the Board of Directors was assisted by Buck Consultants in formulating the CEO compensation arrangement and has been engaged as the compensation consultant to the Compensation Committee.

Buck Consultants, a wholly owned subsidiary of ACS, began in 1916 and has grown into a diversified firm that provides consulting services to both public and private entities, large and small, covering the entire employee benefit, compensation and broader human resource management fields. Today, Buck is one of the leading benefit and compensation consulting and actuarial services firms in the world with more than 1,500 professionals worldwide.

About The Quigley Corporation

The Quigley Corporation (Nasdaq: QGLY, http://www.Quigleyco.com) is a diversified natural health medical science company. Its Cold Remedy segment is a leading marketer and manufacturer of the COLD-EEZE(R) family of lozenges, gums and sugar free tablets clinically proven to cut the common cold nearly in half. COLD-EEZE customers include leading national wholesalers and distributors, as well as independent and chain food, drug and mass merchandise stores and pharmacies. The Quigley Corporation has several wholly owned subsidiaries; Quigley Manufacturing Inc. consists of an FDA approved facility to manufacture COLD-EEZE(R) lozenges as well as fulfill other contract manufacturing opportunities. Quigley Pharma Inc. (http://www.QuigleyPharma.com) conducts research in order to develop and commercialize a pipeline of patented botanical and naturally derived potential prescription drugs.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risk, uncertainties and other factors that may cause the Company's actual performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statement. Factors that impact such forward-looking statements include, among others, changes in worldwide general economic conditions, changes in interest rates, government regulations, and worldwide competition.

    CONTACT:

    Ted Karkus                   Media                   Investor Relations
    Chairman of the Board, CEO   Karen Pineman           Carl Hymans
    The Quigley Corporation      G.S. Schwartz & Co.     G.S. Schwartz & Co.
    (215) 345-0919               212.725.4500            212.725.4500
                                 kpineman@schwartz.com   carlh@schwartz.com


'/>"/>
SOURCE The Quigley Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Ted Karkus Appointed Interim Chief Executive Officer Of The Quigley Corporation
2. Ted Karkus and Karkus Slate of Directors Prevail in Federal Court, Seated as Directors of The Quigley Corporation; Ted Karkus Elected Chairman of the Board
3. Ted Karkus Admits to Financial Relationship With Dr. Richard A. Rosenbloom; Demonstrates Pattern of Improper Influence, Unethical Behavior, Falsification and Distortion; Company Questions What Else Karkus May Be Hiding From Shareholders
4. Dissident Stockholder Ted Karkus Found to Have Undisclosed Financial Arrangements With Dr. Richard A. Rosenbloom, COO Of Quigley Pharma, From 2008 to Date of Proxy: Rosenbloom Suspended Without Pay Pending Further Investigation
5. Karkus Nominees Caution Quigley Shareholders Not to be Fooled by the Companys Latest Announcement
6. Judge Rejects Quigleys Claims - Karkus Director Candidates Prevail in Federal Court
7. Quigley Corporation Receives Support from Leading Independent Proxy Advisory Firms; RiskMetrics and Glass Lewis Reject Dissident Stockholder Ted Karkus, Citing Failure to Provide Detailed Business Plan
8. The Quigley Corporation Issues Open Letter to Stockholders; Urges Stockholders to Reject Dissident Ted Karkus Solicitation Efforts
9. The Mount Sinai Medical Center Named to "Honor Roll" in U.S. News's 2009-10 Edition of America's Best Hospitals
10. National Jewish Health Named Top Respiratory Hospital for 12th Consecutive Year
11. St. Alexius Medical Center Named to Americas Best Hospitals Rankings
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/22/2017)... ... February 22, 2017 , ... Bellus ... the latest innovation in the delivery of Platelet Rich Plasma (PRP). PRP systems ... pain management, to accelerate tissue synthesis and provide a faster and more efficient ...
(Date:2/22/2017)... ... February 22, 2017 , ... Super-Sod will attend the Athens Home Show ... Georgia. , A shift from Super-Sod’s simple Athens Home Show booth of 2016, this ... grass seed plant manager Chris Roquemore constructed furniture from recycled pallet wood at the ...
(Date:2/22/2017)... (PRWEB) , ... February 22, 2017 , ... ... threats. Yet with so many different solutions on the market, it is easy ... choices, Texas Premier Locksmith offers a complimentary security consultation. , Home ...
(Date:2/21/2017)... ... 2017 , ... Author Michèle Wolff has a passion for using food ... know all about it for optimal health. Wanting to share her knowledge to the ... and Wellness Solutions ” (published by Balboa Press AU). , This book inspires ...
(Date:2/21/2017)... ... February 21, 2017 , ... As recently as 2015, rhinoplasty was one ... Society of Plastic Surgeons. Some patients want to make a change in the appearance ... improve their breathing ability. The team at usrhinoplasty.org is expanding its article ...
Breaking Medicine News(10 mins):
(Date:2/22/2017)... DIEGO , Feb. 22, 2017 ... first-in-class therapies for both rare and common malignancies, ... Series B financing. The company intends to use ... cirmtuzumab and TK216, and to advance preclinical development ... Cirmtuzumab is a first-in-class anti-ROR1 monoclonal ...
(Date:2/22/2017)... Florida , February 22, 2017 ... Industries is becoming more and more prevalent today ... Cannabinoids & THC Extracts as well as other ... to medicinal cannabis and marijuana therapies and their ... new relationships and assets designed to bring the ...
(Date:2/22/2017)... CHENNAI and HAMBURG, Germany , February ... leader in precision oncology headquartered in Hamburg, Germany ... premier academic research institution, announced today a collaboration to support the ... precision cancer research. ... IITM and Indivumed signed an agreement with an initial three-year term. ...
Breaking Medicine Technology: