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news.The board of directors of KV Pharmaceutical, a fully integrated specialty pharmaceutical company, has terminated the employment agreement of Marc Hermelin, the company's chairman and CEO.
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In addition, it has removed Mr Hermelin as the chairman of the board and as the CEO of the company. Mr Hermelin is expected to remain as a member of the board of directors.
David Van Vliet, the president and CEO of the company’s Ethex subsidiary, has been appointed interim CEO. Terry Hatfield was named chairman of the company’s board of directors.
Prior to taking over Ethex, Mr Van Vliet served as chief administration officer of the company and was on the board of directors from August 2004 to 2006. Before joining the company, he was president and COO of Angelica from June 2005 to September 2006, and president and CEO of Growing Family for eight years.
Mr Hatfield, the new chairman of KV Pharmaceutical, brings decades of management experience in major firms in the US and Europe. Serving on the KV Pharmaceutical board since 2004, Mr Hatfield is president of ZeaVision in Chesterfield, Missouri.
Mr Hatfield said: “We have full confidence in David Van Vliet and firmly believe that he will make this a successful company again. We look forward to his leadership at this critical time.”