PAREXEL ANNOUNCES SENIOR MANAGEMENT CHANGES
BOSTON, MA, June 1, 2005 — PAREXEL International Corporation (Nasdaq: PRXL) today announced that Carl A. Spalding, PAREXEL’s Chief Operating Officer, has decided to retire effective June 30, 2005. Mr. Spalding has agreed to continue to work in an advisory capacity during a transition period. His position will not be filled for the foreseeable future.
Mr. Josef H. von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer stated, “I would like to thank Carl for his four years of service to the Company. During his tenure at PAREXEL he helped to bring about operating margin and business process improvements, and very recently his leadership was instrumental in transforming our consulting businesses into one unified market-oriented unit. Carl continues to be available to the Company as an advisor, and we wish him well as he starts this new chapter of his life.”
The Company also announced that Michael E. Woehler, Ph.D., currently President of the Company’s Clinical Research Services (CRS) business segment, has been promoted to the position of Executive Vice President of the Corporation, and now oversees the PAREXEL Consulting and Marketing Services business segment (PCMS), as well as Corporate Quality and the Company’s administrative functions including information systems, human resources, facilities, and procurement. Dr. Woehler will report to Mr. von Rickenbach. Dr. Woehler has served in his present role since January 2002 after joining the Company in 2001 as Senior Vice President of Clinical Research Services for North America. He has over twenty-five years of management and business experience in the pharmaceutical and biotechnology industries and, prior to coming to PAREXEL, served as President and Chief Executive Officer of Mosaic Technologies, Inc. Earlier he worked for Pharmacia Biotech Inc. serving as President of Amersham Pharmacia Biotech Inc. Dr. Woehler received his Bachelor of Arts in Biology and Chemistry from Northwestern University and a Ph.D. in Immunology from Marquette University.
The Company also announced the promotion of Mark A. Goldberg, M.D., to the position of President of the Clinical Research Services business segment. Perceptive Informatics will continue to report to Dr. Goldberg, who will report to Mr. von Rickenbach. Dr. Goldberg joined PAREXEL in 1997 as a Vice President, and established the Company’s medical imaging group. In 1999 he was promoted to Senior Vice President in CRS with responsibility for managing the Advanced Technology and Informatics Group. He was appointed to President of Perceptive Informatics upon creation of that business unit in July 2000. Prior to joining PAREXEL, he served as President and Director of WorldCare, Inc., a telehealth spin-off from Massachusetts General Hospital. Dr. Goldberg received his undergraduate degree in Computer Science and Engineering from the Massachusetts Institute of Technology, and an M.D. degree from the University of Massachusetts Medical School.
The Company also promoted Kurt A. Brykman to the position of President of the PAREXEL Consulting and Medical Marketing Services business segment, reporting to Dr. Woehler. Mr. Brykman has had responsibility for the consulting portion of the business since joining the Company in September 2004. His earlier experience included serving as Vice President at EURO RSCG Meridian Consulting Group, a sales and marketing management consulting firm, and Vice President of the Customer Marketing Group of Schering-Plough Healthcare Products, a division of the large pharmaceutical company Schering-Plough, Inc. Mr. Brykman received his B.S. in mathematics and business from Michigan State University and an M.B.A. from the Kellogg Graduate School of Management at Northwestern University.
Mr. von Rickenbach stated, “I am very pleased that several members of our senior management team are taking on positions which further leverage their skills and capabilities, helping to move the Company forward. Mike, Mark, and Kurt are very seasoned and talented professionals, and their wealth of experience and expertise has helped us to better meet the needs of our clients. We believe that their strong leadership skills combined with their knowledge of our business will play a significant part in helping PAREXEL to meet its operational and financial goals and objectives and increase shareholder value.”
PAREXEL is one of the largest biopharmaceutical 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 information technology subsidiary, Perceptive Informatics, Inc., develops and offers a portfolio of innovative technology-based products and services that facilitate clinical drug development and are designed to decrease time to peak sales. The technology portfolio includes web-based portal solutions and tracking tools, Interactive Voice Response Systems (IVRS), Clinical Trial Management Systems (CTMS), electronic diary and investigator database solutions. Perceptive also offers advanced medical diagnostics services to assess rapidly and objectively the safety and efficacy of new drugs, biologics, and medical devices in clinical trials. PAREXEL’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 53 locations throughout 37 countries around the world, and has 5,070 employees.
This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand. 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", “estimates”, “projects”, “targets” and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. 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 loss, modification, or delay of contracts which would, among other things, adversely impact the Company’s recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and 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 the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry; competition within the biopharmaceutical services 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 and other international economic, political, and other risks. Such 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, 2005 as filed with the SEC on May 9, 2005, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.
PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of their respective business and are hereby acknowledged.