Mr Wilkinson no longer President and CEO and a member of the Board.
Kevin Buchi, a member of the Impax Board of Directors, has been appointed Interim President and CEO. The company's Board has come to a mutual agreement with G. Frederick Wilkinson that Mr Wilkinson separate from his positions as President and CEO and as a member of the Board, effective immediately.
The Nominating Committee of the Impax Board has initiated a search to identify a permanent President and CEO.
"Fred has been instrumental in Impax's ability to remove the warning letter regarding the company's Hayward facility, which has allowed us to regain generic approvals from that facility," said Robert L. Burr, Chairman of the Board of Directors of Impax Laboratories. "Additionally, we appreciate his contributions in helping to get Rytary approved and launched, and enhancing the company's generic and brand portfolio with the acquisition of the Tower entities. On behalf of the Board, we wish him well in his future endeavors."
Mr Burr added: "The Board of Directors remains confident in, and committed to, the company's strategic direction. We are focused on finding a successor CEO that will lead Impax through its future growth. Until then, Kevin, who brings a great deal of pharmaceutical experience, along with a highly experienced executive management team, will lead the company."
"I am extremely proud of the many accomplishments Impax has realized over the past several years," said Mr Wilkinson. "I am truly grateful for the support I've received from the Board of Directors, the executive management team and most importantly, our highly dedicated employees. I am confident that Impax is well positioned for great success in the future."
Mr Buchi said: "I look forward to working closely with the Impax Board and management team in this interim role. Together, we will ensure a smooth transition to Impax's next CEO and will remain focused on our corporate priorities and continue to execute on our core competencies in drug delivery, formulation technology and product development."