PAREXEL APPOINTS JAMES F. WINSCHEL CHIEF FINANCIAL OFFICER
BOSTON, MA, June 2, 2000 — PAREXEL International Corporation (Nasdaq: PRXL) today announced that James F. Winschel has been appointed Senior Vice President and Chief Financial Officer. Mr. Winschel succeeds William T. Sobo, who will be leaving PAREXEL effective June 16, 2000. During his twelve-year tenure at PAREXEL, Mr. Sobo played an integral role in guiding the company through three public offerings and was a key driver of its development into one of the world’s leading contract research organizations. In a related development, Mr. Sobo has been elected to the PAREXEL Board of Directors.
Mr. Winschel brings to PAREXEL over twenty-five years of experience in financial and general management. Most recently, Mr. Winschel was the President of U.B. Vehicle Leasing, Inc., a U.S.-based vehicle leasing division of BTM Capital Corporation (BTM Capital), a subsidiary of The Bank of Tokyo – Mitsubishi, Ltd. Prior to assuming the Presidency of this division, he was Executive Vice President and Chief Financial Officer of BTM Capital. Earlier in his career, Mr. Winschel held leadership positions in finance and general management at Caremark International, Inc.; Whirlpool Financial Corporation; and General Electric Company.
"Jim brings a depth of experience in financial and operational management, and is a very strong addition to the PAREXEL senior management team. He will be a tremendous asset to us as we pursue our goal of becoming the leading provider of clinical development services and build the necessary infrastructure to support our next major growth phase” said Josef von Rickenbach, Chairman and Chief Executive Officer. "Additionally, we are very pleased that Bill Sobo has joined the Board of Directors and look forward to his continued involvement with the Company.”
“I am extremely pleased to be joining PAREXEL at this exciting time in its life cycle. While the CRO industry has recently experienced some turbulence, I firmly believe that it is temporary. PAREXEL is well positioned to be the leader in the clinical development services sector and I look forward to helping the Company achieve this goal,” said Mr. Winschel.
This release may contain "forward-looking" statements regarding future results and events, including statements regarding expected future growth and customer demand. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: the cancellation or delay of contracts; the Company's dependence on certain industries and clients; the Company's ability to manage growth and its ability to attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses; government regulation of certain industries and clients; competition and consolidation within the pharmaceutical industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations. These factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
PAREXEL is one of the largest contract pharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that accelerate time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. The Company’s integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 43 locations throughout 29 countries around the world, and has approximately 4,275 employees.