Psychemedics Corporation Announces CEO Succession Plan
12 Julho 2023 - 6:15PM
Psychemedics Corporation (NASDAQ: PMD), the world’s largest
provider of hair testing for drugs of abuse, announced today that
its board of directors has approved a transition plan for the
Company’s President and CEO position. Effective August 17th,
current Chairman of the Board, President, and CEO, Ray Kubacki,
will retire from the positions he holds and be succeeded by Brian
Hullinger as President and CEO. Subject to shareholder approval,
Mr. Hullinger will also join the company’s board of directors. Mr.
Kubacki will remain with the company in an advisory role for a
period after August 17, 2023.
“On behalf of the Board of Directors, I wish to
express our gratitude to Ray Kubacki for his many years of service
building a company than can attract a leader of Brian’s caliber as
our next CEO. Brian brings a wealth of strategic executive
leadership experience that has resulted in exceptional company
growth, client retention, and enhanced stakeholder value for both
public and private companies,” said PMD board member and chairman
of the compensation committee, Drew Reynolds. “Brian brings a great
mix of skills and energy to build on the company’s unique market
position and to partner with our trusted customers and valued
stakeholders.”
Mr. Hullinger has held leadership positions
including CEO, head of global sales and marketing, and CRO at
several tech-enabled service organizations that deliver solutions
to a variety of risk-compliant and regulated industries.
“The Board believes Brian is the perfect fit for
the company and can lead us into the future,” said Darius G. Nevin,
PMD board member. “We also thank Ray for all his hard work,
dedication, and service to the Company.”
Mr. Kubacki joined the company in 1991 as its
President and CEO. He was appointed Chairman of the Board in 2003.
Under his leadership, Psychemedics became an innovator in using
hair testing for drugs of abuse and a highly respected competitor
in the drug testing market.
“It is my honor to take the reins as
Psychemedics continues as the world’s leader in drug hair testing
and to position it for future success,” said Mr. Hullinger. “I look
forward to working with my new colleagues to provide Psychemedics’
best-in-class solutions to our valued customers and partner
organizations.”
The company is also announcing that, on July 12,
2023, Fred Weinert informed the company he is retiring as a
director at the expiration of his current term at the 2023 annual
meeting of stockholders. After his retirement, the board will be
comprised of five members. The other members of the company’s board
wish to thank Mr. Weinert for his many significant contributions to
Psychemedics during his 32 years of service to the company.
Psychemedics Corporation is the world’s largest
provider of hair testing for the detection of drugs of abuse. The
Company’s patented process is used by thousands of U.S. and
international clients, including over 10% of the Fortune 500
companies, for pre-employment and random drug testing. Major police
departments, Federal Reserve Banks, schools, and other public
entities also rely on our unique patented drug testing process. We
strongly believe our drug testing method to be superior to any
other product currently in use, including traditional urine testing
and other hair testing methods.
The Psychemedics Corporation web site is
www.psychemedics.com
William
NorrisController (978)
206-8220WilliamN@psychemedics.com
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