This article was originally published in The Gray Sheet
Chairman Albert Nichols, MD, and "certain other stockholders" replace three of the seven directors of the company. The new directors are Rock Hankin, a principal in the management consulting firm Hankin & Co.; George Bragg, former vice chairman of Western Digital; and Fredric Roberts, president of F.M. Roberts & Co., an investment banking firm. The trio replace Rosabeth Kanter, PhD, John Potts, Jr., MD, and James Riddell, PhD. Nichols will also seek the replacement of directors Norman Achen and Earl Wright. The other remaining board members are Nichols and Paul Bellamy, chief financial officer and interim CEO ("The Gray Sheet" Jan. 4, p. 17). In a March 1 release, the company said the changes "reflect the implementation of an effective management succession process and will further the development of a successful long-term strategic plan for the company." The firm also recently announced a reorganization of its senior management. Douglas Harrington, MD, was promoted to president of Nichols Institute Reference Laboratories, where he had been vice president of operations; Stephen Brase was promoted to president, Regional Laboratories, from the position of vice president, Western Regional Operations; and Nichols Institute Diagnostics President Frank Taylor, Jr. assumed the additional duties of executive vice president of Nichols Institute. Also announced was the termination of discussions for the sale of Nichols' Texas laboratories ("The Gray Sheet" Nov. 2, 1992, p. 17).
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