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Aceto Corporation (ACET) announced that Chairman and CEO Leonard S. Schwartz will be leaving the Company on November 20, 2009 after 40 years of service.
The Company has separated the office of Chairman of the Board from that of Chief Executive Officer.
President Vincent Miata will assume the responsibilities of Chief Executive Officer effective immediately. Mr. Miata has been with the Company for 30 years in a variety of executive positions, most recently assuming the office of President. The Board, on the recommendation of the Independent Directors, has included Vincent Miata's name on the slate of nominees for Director for the Company's December shareholders meeting. Mr. Miata will be responsible for the worldwide operations of the Company.
Also effective immediately Albert Eilender, currently a Board member and the Lead Independent Director, has been named by the Board of Directors as the Non-Executive Chairman of the Aceto Board. Mr. Eilender has been on the Aceto Board since 2000 and has served as the Lead Independent Director of the Company since 2005. He has more than 30 years of diverse senior level experience in the specialty chemicals and pharmaceutical industries and has had direct financial responsibility for managing businesses up to $300 million in revenues. He has significant experience in mergers, acquisitions and joint ventures, both domestically and internationally in the chemical industry. As Non-Executive Chairman Mr. Eilender will focus on coordinating the Board of Directors' activities, strategic issues, long range planning and investor relations.
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