PAREXEL APPOINTS PETER RIETMAN TO LEAD GLOBAL TREASURY FUNCTION
BOSTON, MA, November 9, 2000 — PAREXEL International Corporation (Nasdaq: PRXL) today announced that Peter Rietman has been appointed Vice President and Treasurer. In this capacity, Mr. Rietman will be leading the Company’s newly-formed global treasury function with responsibility for overseeing cash management, managing foreign exchange risk, directing banking relationships, and increasing working capital. These activities, which previously have been decentralized, will now be managed in Amsterdam, The Netherlands, through PAREXEL’s newly-created Dutch Finance Center, which Mr. Rietman will head up.
Mr. Rietman brings to PAREXEL fifteen years of experience in financial and general management. Most recently, he was the Group Treasurer and Manager - Investor Relations for Koninklijke Ten Cate N.V. (KTC), a publicly-traded company, active in producing and selling specialty textile, plastic, and rubber products on a worldwide basis. Prior to his position at KTC, Mr. Rietman was the European Treasury Manager for Bose (Europa) B.V., the European headquarters for Bose Corporation located in Holland.
“We are extremely pleased to add Peter to our evolving worldwide finance organization. He brings a depth of expertise in managing a complex, global treasury function and is eager to assist us in realizing the opportunities inherent in pro-actively managing these functions,” said James F. Winschel, Senior Vice President and Chief Financial Officer of PAREXEL International.
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 45 locations throughout 29 countries around the world, and has approximately 4,200 employees.
This release may contain "forward-looking" statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "intends", and similar expressions are intended to identify forward-looking statements. 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: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; the cancellation, revision, or delay of contracts, including those contracts in backlog; 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 or enter into new lines of business; 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. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Annual Report on Form 10-K for the period ended June 30, 2000.