PAREXEL INTERNATIONAL NAMES WILLIAM U. PARFET TO BOARD OF DIRECTORS
BOSTON, MA, June 12, 2001 — PAREXEL International Corporation (Nasdaq: PRXL) today announced that William U. Parfet was elected to its Board of Directors and has been appointed to serve on its Audit Committee. Mr. Parfet is the Chairman and Chief Executive Officer of MPI Research, a pre-clinical toxicology research laboratory based in Mattawan, Michigan. He currently serves as Vice Chair of the Financial Accounting Foundation, which is the oversight board for the Financial Accounting Standards Board (FASB), and has served as Chairman of the Financial Executives Institute. Prior to joining MPI Research, Mr. Parfet was the President and Chief Executive Officer of Richard-Allen Medical, a worldwide manufacturer of surgical products.
Josef von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer stated, “Bill brings to the Board a strong background in finance and extensive experience with a variety of pharmaceutical, device, and pharmaceutical services companies. His financial acumen will enhance the work of the Audit Committee, and his industry knowledge will be a great asset to PAREXEL. We are very pleased to welcome him to our organization”.
Mr. Parfet has been on the Board of Directors of The Upjohn Company since 1995, and had previously served as President and Vice Chairman of the Board of that company. He also currently serves on the boards of the Pharmacia Corporation, Stryker Corporation, Apogent Technologies, CMS Energy Corporation, and Flint Ink. Mr. Parfet received his B.A. degree in Economics from Lake Forest College and his M.B.A. in International Finance from the University of Michigan.
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 expedite 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. Its newest subsidiary, Perceptive Informatics, Inc., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical development and launch processes. 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 51 locations throughout 29 countries around the world, and has approximately 4,550 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", "appears" 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 Form 10-Q for the period ended March 31, 2001, as filed with the Securities and Exchange Commission.