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Posted 26 January, 2021

REPRO MED SYSTEMS INC appointed new CEO

CEO Change detected for ticker Nasdaq:KRMD in a 8-K filed on 26 January, 2021.


  Resignation of Chief Executive Officer and Appointment of interim Chief Executive Officer  

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Overview of REPRO MED SYSTEMS INC
Health Care/Life Sciences • Medical Equipment/Supplies
KORU Medical Systems, Inc. engages in the design, manufacture, and market of proprietary medical devices. Its product portfolio includes FREEDOM60, FreedomEdge syringe drivers, Precision Flow Rate Tubing, and HIgH-Flo Subcutaneous Safety Needle Sets. The company was founded by Andrew I. Sealfon and Adrian W. Zorgniotti on March 24, 1980 and is headquartered in Mahwah, NJ.
Market Cap
$148M
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REPRO MED SYSTEMS INC by TradingView
Relevant filing section
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.


Resignation of Chief Executive Officer and Appointment of interim Chief Executive Officer


On January 22, 2021, Donald B. Pettigrew, President and Chief Executive Officer, resigned his employment effective immediately.


Also on January 22, 2021, James M. Beck, currently serving as a director, was appointed as Chief Executive Officer on an interim basis. Mr. Beck will remain a director, and Robert Allen, also currently a director, will replace Mr. Beck as Chairman of the Compensation Committee.


Mr. Beck has more than 30 years of healthcare services and distribution general management experience. Mr. Beck most recently served as Executive Chairman of Medical Specialties Distributors (MSD), a leading service solution provider serving the home infusion, home medical equipment, and oncology markets, from 2016 to 2018 and a director from 2007 to 2018. He previously served as President and Chief Executive Officer of MSD from 2007 to 2016. Prior to joining MSD, Mr. Beck held various executive and management positions with leading healthcare companies such as American Hospital Supply/Baxter Healthcare, AMSCO International, Spectrum Healthcare, and SHPS Health Management Solutions.


The press release dated January 25, 2021 announcing the events described in this Item 5.02 is attached hereto as Exhibit 99.1.


In connection with Mr. Pettigrew's resignation, he entered into a Separation and General Release Agreement with the Company wherein the parties agreed that the Company will continue to pay Mr. Pettigrew his base salary and healthcare benefits for twelve months, and Mr. Pettigrew has forfeited all right to exercise his vested incentive stock options. Mr. Pettigrew will have the right to exercise 1,000,000 of his non-qualified stock options for a period of 90 days. The agreement contains a mutual general release of claims and other customary terms.