Pan clears out chiefs in bid for licence
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Pan Pharmaceuticals will appoint a new independent chief executive and management team to overhaul its operations in an effort to get its drug manufacturing licence restored quickly. The drug company’s founder and chief executive, Jim Selim, quit yesterday, agreeing to hand over unqualified control to the board and his replacement. He will remain a director but have no public role. Non-executive director Colin Henson will be acting CEO until the new chief is appointed. Even if it does get its licence back quickly, the company’s future is totally dependent on how its trade customers react to this week’s events. The major customers - Mayne Group, Australian Pharmaceutical Industries and Sigma - have sought legal advice about compensation for their losses and protecting themselves against any claims from consumers. In recognition of the potential for legal claims Pan has appointed law firm Blake Dawson Waldron to advise on dealings with the trade customers. More : theage.com.au |