PAREXEL International Appoints Ingo Bank as Senior Vice President and Chief Financial Officer
Industry veteran brings 18 years of global finance, operations, and strategic corporate development experience to PAREXEL
Boston, MA, U.S., June 13, 2013 – PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced that Ingo Bank has been appointed Senior Vice President and will become Chief Financial Officer on September 1, after fiscal year-end audited financial statements are filed. He joins PAREXEL on July 8 from Royal Philips, where he served as Chief Financial Officer and Executive Vice President of Philips Healthcare. Mr. Bank will be based at the Company’s corporate headquarters in Waltham, Massachusetts.
Mr. Bank succeeds outgoing CFO James F. Winschel, Jr., who will remain at PAREXEL as Senior Vice President and Chief Financial Officer until September 1, after which he will serve as Executive Vice President until he retires in 2014. Mr. Winschel will focus on ensuring a smooth transition and improving the Company’s profitability. PAREXEL announced Mr. Winschel’s retirement in August 2012.
“PAREXEL is pleased to welcome a leader with Ingo’s global experience. He has an impressive record overseeing financial management across a variety of industry sectors. Ingo’s business acumen and focus on continuous improvement and performance will serve us well as we drive our growth strategy and focus on continuing to deliver profitable results to our stakeholders,” said Josef von Rickenbach, Chairman and Chief Executive Officer, PAREXEL International.
Before joining PAREXEL International, Mr. Bank spent 18 years with Royal Philips, holding numerous senior global finance positions. He was the Chief Audit Executive of Royal Philips, was appointed into CFO roles to build and transform the LCD business for Philips in Japan and China, managed mergers and acquisitions, and served as CFO of the global Philips Lamps business. As EVP and CFO of Philips Healthcare, Mr. Bank also was a speaker at analyst events and interacted with investors.
On his new appointment, Mr. Bank said, “I am excited to join PAREXEL, a leader in the CRO industry. I join an exceptional management team and look forward to contributing to the Company’s profitable growth.”
Mr. Bank is a native of Germany, holds a Master’s of Business Administration from the University Witten-Herdecke, Germany, and is a Registered Controller from University Amsterdam/Maastricht, The Netherlands.
“As we welcome Ingo Bank to PAREXEL, I would also like to recognize Jim’s commitment to overseeing the worldwide financial management for the Company. Under his leadership, PAREXEL’s market capitalization grew from $225 million to $2.7 billion, service revenue increased from $378 million to $1.7 billion and backlog grew from $385 million to over $4 billion,” said Mr. von Rickenbach. He added, “We thank Jim for his efforts and his continued involvement in the Company.”
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About PAREXEL International
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 78 locations throughout 52 countries around the world, and has approximately 14,400 employees. For more information about PAREXEL International visit www.PAREXEL.com.
This release contains "forward-looking" statements regarding future results and events. 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," "will," "would," "could," "should," "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 and anticipated 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; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and 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 fiscal quarter ended March 31, 2013 as filed with the SEC on May 6, 2013, which “Risk Factors” discussion is incorporated by reference in this press 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 PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.