Dallas, Texas 04/15/2014 (FINANCIALSTRENDS) – OPKO Health, Inc. (NYSE:OPK) announced a slew of changes to its executive management team on 1st April. The key changes were related to bringing in a new Chief Financial Officer in the form of Adam Logal. He was also accorded the designation of Senior Vice President. The San Jose based drug maker has also brought in Mr Arie Gutman Ph.D. as the Chief Executive Officer of its recently carved out Active Pharmaceutical Ingredient and Chemical Development Unit.
Mr Logal is an old timer of the company and prior to the promotion was serving as the Vice President of Finance and also performing the role of Chief Accounting Officer. He also is the treasurer of the firm. His upwards movement in the firm’s hierarchy became necessary after his predecessor Juan F. Rodriguez decided to vacate the post and pursue other interests.
Phillip Frost, M.D., who is the Chairman and Chief Executive Officer of OPKO Health, Inc. (NYSE:OPK) in his congratulatory message to the new CFO has been quoted to have said that, “Adam has been a key leader in our organization since our inception in 2007. His knowledge of our business, versatility as a finance leader and his strategic insights are valued by leaders across the Company. I am delighted that Adam will continue to help lead the Company through our near term commercial opportunities and help position us for long-term success.”
In a related development, the appointment of Dr Gutman as the CEO of its newly formed unit is designed to insulate and provide focus for its R&D team to develop new drug compounds which can be used for both in house drug development and be used as a monetizing tool by licensing the compounds to other drug developers.
In spite of these positive developments, the stock has been bleeding red and has shed close to 5.6 percent of its valuation during trading yesterday.