Orthofix (OFIX) CFO Buxton Resigns; Appointee Named Apr 21, 2014 07:19AM

Orthofix International N.V., (Nasdaq: OFIX) announced that it has appointed David E. Ziegler as Interim Chief Financial Officer (CFO). Mr. Ziegler succeeds Emily Buxton who has voluntarily resigned from the Company. Orthofix and its Board of Directors are conducting an executive search to identify a permanent CFO.

Mr. Ziegler has served as a full-time independent advisor to the Audit Committee of the Board in connection with the independent review of certain accounting matters. In that capacity, he assisted Orthofix and its finance department in their preparation of the Company’s recently filed financial statement restatement, and subsequent reporting of 2013 financial results.

“Emily has been a dedicated and tireless team member for more than 11 years. I want to thank her for the hard work and contributions she has made to the Company and we wish Emily success in her new endeavors,” said President and Chief Executive Officer Brad Mason. “Additionally, I am confident with David’s strong financial and accounting background and successful track record serving in several interim CFO positions, that he will be an excellent contributor in this role.”

David E. Ziegler

With more than 40 years’ experience, Mr. Ziegler has held a wide range of CFO and consulting roles including serving as interim Chief Financial Officer of, and transition consultant to, Exopack Holding Corp., and a financial consultant to PetroLogistics LLC, Critical Information Network, LLC, and Lighting Science Group Corporation. He also served as CFO and interim President of The UniMark Group, Inc. Mr. Ziegler spent the first 20 years of his career as an auditor with Arthur Andersen, the last eight as an audit partner in its Detroit and Dallas offices.

Mr. Ziegler received his Bachelor of Arts degree in Accounting and Finance, along with a Minor in Economics, from Michigan State University, and currently serves as a director of the Grant Halliburton Foundation, a non-profit organization located in Dallas, Texas. Mr. Ziegler has been a licensed certified public accountant in the State of Texas since 1981.


Spectrum Pharma (SPPI) Names Joseph Turgeon as COO Apr 21, 2014 07:03AM

Spectrum Pharmaceuticals (Nasdaq: SPPI) announced the promotion of Joseph Turgeon to President and Chief Operating Officer. Mr. Turgeon was previously Senior Vice President and Chief Commercial Officer. Spectrum also announced the promotion of Thomas Riga to Senior Vice President, Chief Commercial Officer. Mr. Riga was previously Vice President, Corporate Accounts.

“We are fortunate to have an experienced, passionate, and inspiring leader like Joe Turgeon spearhead the company,” said Rajesh C. Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum Pharmaceuticals. “Joe was responsible for building a top sales organization and for launching four of the world’s top-selling biologicals, during his over two decades at Amgen. With a rare depth of experience in the biotechnology industry, a keen understanding of our business, and very strong leadership skills, Joe is uniquely qualified for this position. He has been instrumental in helping Spectrum execute our strategy since he joined us in 2012. With multiple launches and NDAs planned in the coming years, I believe Joe’s leadership is exactly what Spectrum needs to become a leader in hematology/oncology.”

“I take up this new role with honor, humility, and confidence,” said Joseph Turgeon, President and Chief Operating Officer. “We have an exciting year ahead of us, with several meaningful milestones. Our base business remains strong, and could be further strengthened with the potential FDA approval of Beleodaq™ later this year. The ongoing proof-of-concept study SPI-2012 has the potential to take Spectrum to the next level. I am committed to improving lives of patients, to improving prospects for our shareholders, and to bringing out the best in our team.”

Joseph Turgeon joined Spectrum in October 2012 and brings over 30 years of pharmaceutical sales experience, including various executive leadership roles at Amgen. Prior to joining the Company, he spent 22 years at Amgen Inc. as Vice President, Sales, where he built and led the sales organization across multiple areas, including oncology, inflammation, and bone health. Mr. Turgeon was responsible for launching most of the drugs at Amgen. At Spectrum, he has built a world-class sales organization that has increased efficiency and visibility. He was also instrumental in the launch of Marqibo® (vinCRIStine sulfate LIPOSOME injection) last year in a record time of about 7 weeks. Mr. Turgeon holds a B.S. from Jacksonville University, where he studied microbiology and economics.

Thomas Riga brings over 15 years of pharmaceutical sales and management experience in various positions at Amgen, Eli Lilly, and Dendreon. Since joining Spectrum, Mr. Riga has been instrumental in the reorganization of the Corporate Accounts function, and in successful partnership and renegotiation with various partners. He has co-led the Commercial contracting strategy and attracted some of the industry’s top talent to join Spectrum.

Ken Keller resigned as Executive Vice President, Chief Operating Officer of the company to pursue other opportunities.

“I would like to personally thank Ken for his contributions to the company,” added Dr. Shrotriya. “On behalf of the team at Spectrum, I wish him the best in his future endeavors.”


Birch Communications to Acquire Cbeyond, Inc. (CBEY) in $323M Deal Apr 21, 2014 06:21AM

Birch Communications, Inc., a leading provider of business focused communications, cloud and managed services based in Atlanta and Cbeyond, Inc. (Nasdaq: CBEY) jointly announced today that they have entered into a definitive agreement under which Birch will acquire Cbeyond in an all-cash transaction valued at approximately $323 million.

Cbeyond stockholders will receive between $9.97 and $10.00 per share in cash. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement. At $9.97 per share, the purchase price represents a premium of 56.8% over Cbeyond's stock price on November 5, 2013, the trading date before Cbeyond announced its process to explore strategic alternatives, and a premium of 40.8% over the closing price of Cbeyond's stock on Thursday April 17, 2014.

Birch noted that the transaction:

Creates a nationwide communications, cloud and managed services provider with approximately $700 million in annual revenue and approximately 200,000 business customers located in all 50 states, the District of Columbia, Canada and Puerto Rico.
Serves customers at every stage of their business lifecycle - from an initial startup, to all sectors of the small- and medium-sized business (SMB) marketplace, to an enterprise requiring a national solution across multiple offices and data centers.
Creates a nationwide IP-based network with approximately 10,000 fiber route miles, over 500 fiber-lit buildings, 570 collocations and 5 data centers.

"This transaction will create a nationwide communications and technology services powerhouse and significantly advances our strategy to drive top-line revenue growth by enhancing the premier communications, cloud and managed services that are available to our business customers," said Vincent M. Oddo, president and CEO of Birch. "The combined company will have a nationwide IP-network with a significant fiber infrastructure, an extensive data center presence in multiple markets, and a relentless focus on providing superior customer service."

James Geiger, founder, chairman of the board and chief executive officer of Cbeyond said, "After a thorough six-month strategic review process in which we evaluated a wide range of alternatives in addition to a sale, the Cbeyond board of directors determined that this all-cash transaction with Birch maximizes stockholder value through an attractive premium. We have been strengthening the Cbeyond franchise with our 2.0 transformation; the wider reach with Birch enables the combined companies to increase service levels with a broad array of products to a larger number of customers."

"We look forward to welcoming the Cbeyond customers and employees into the Birch family in the very near future. Providing award-winning customer service will continue to be our number-one priority as we move forward as a combined company," said Chris Aversano, COO of Birch. "Having successfully completed more than 20 acquisitions, we are confident in our ability to execute a fast and seamless integration. We've already started on our integration planning and, as in prior transactions, we expect to begin implementation of those plans upon the closing."

"We also look forward to integrating the Cbeyond sales organization, including management, representatives, partners, dealers and support staff into the Birch sales family," said Christopher Ramsey, Chief Sales and Marketing Officer of Birch. "We are committed to making this a smooth and productive transition for all divisions of the sales organization."

The Cbeyond transaction is the latest in a history of 21 acquisitions that Birch has completed in recent years. "The additional revenue scale, customer density, network reach, and product offerings will allow us to comprehensively meet the evolving, long-term needs of our business customers," said Mr. Oddo. "We're making this investment to serve our business customers in the best way possible for many years to come." The transaction has been unanimously approved by the boards of directors of both companies. The transaction is expected to close within six months, subject to customary conditions, including necessary approvals from federal and state regulators and the Cbeyond stockholders. Birch has obtained financing commitments from PNC Capital Markets LLC and Jefferies Finance LLC.

Lazard is acting as sole financial advisor and Jones Day is acting as legal advisor to Birch in the transaction.

UBS Investment Bank is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Cbeyond in the transaction.


Spectrum Pharmaceuticals (SPPI) Appointed Joseph Turgeon as President and COO Apr 17, 2014 05:07PM

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) appointed Joseph Turgeon, age 56, as its President and Chief Operating Officer. Mr. Turgeon will have global responsibility for leading Commercial Operations, Medical and Clinical Development and Pharmaceutical Operations. In this capacity, Mr. Turgeon will report directly to Dr. Rajesh C. Shrotriya, the Chief Executive Officer and Chairman of the Board of Directors of the Company.

Mr. Turgeon has more than thirty years of experience in the bio-pharmaceutical industry. He has served as the Company’s Senior Vice President and Chief Commercial Officer since October 2012. Prior to joining the Company, Mr. Turgeon spent twenty-two years at Amgen Inc. as Vice President, Sales where he built and led the sales organization across multiple areas, including oncology, inflammation and bone health. Mr. Turgeon was responsible for launching most of the drugs and their dramatic growth at Amgen. At the Company, he has built a world class sales organization that has increased efficiency and visibility. He was also instrumental in the launch of Marqibo® last year. Mr. Turgeon holds a B.S. from Jacksonville University where he studied microbiology and economics.

In connection with his new position, Mr. Turgeon will receive an annual base salary of $550,000 and will be eligible for a bonus, including cash and equity depending on the achievement of certain Company and individual performance. In addition, Mr. Turgeon is being granted 120,000 shares of restricted stock pursuant to the Company’s 2009 Incentive Award Plan. The restricted stock will vest as to 25% of the shares on the first anniversary of the date of grant, and the balance of the shares will vest in three equal installments on each anniversary of the date of grant assuming Mr. Turgeon continues to provide services to the Company.

On April 17, 2014, Ken Keller resigned from his position as Executive Vice President and Chief Operating Officer of the Company in order to assume the role of Chief Executive Officer of an organization on the east coast. Mr. Keller will continue to be employed by the Company through April 28, 2014 in order to assist with the transition. Mr. Keller’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.


China BAK Battery, Inc (CBAK) Tech Chief Mao Resigns; Appointee Named Apr 17, 2014 05:05PM

On April 17, 2014, Mr. Huanyu Mao (“Mr. Mao”) resigned from his positions as a director and Chief Technical Officer of China BAK Battery, Inc. (Nasdaq: CBAK), effective immediately. Mr. Mao’s resignation was due to personal reasons and not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On the same date, the Board of Directors of the Company appointed Dr. Jian Lin (“Dr. Lin”) as Interim Chief Technical Officer of the Company, until a successor is named. The Company intends to appoint a new director to fill the vacancy created by Mr. Mao’s resignation as soon as practicable.

Dr. Jian Lin, age 37, has served as Vice Director of R&D Centre of the Company’s subsidiary, Shenzhen BAK Battery Co., Ltd (“Shenzhen BAK”) since March 2012, where he is responsible for the overall R&D activities of Shenzhen BAK. From October 2009 to February 2012, he worked for Postdoctoral R&D Station of Shenzhen BAK, which was co-established by Shenzhen BAK and Xiamen University, where he focused on the research of high performance liquid electrolytes for Li-ion battery. From August 2008 to September 2009, he worked as R&D scientist for U.S. Brady (Beijing) R&D Center. Dr. Lin has extensive knowledge of lithium-ion battery technologies and holds three patents relating to lithium-ion technology. Dr. Lin received a doctorate degree in polymer science and engineering from Case Western Reserve University, where he focused on novel lithium salts and polymer electrolyte membranes/separators for lithium batteries.

There are no arrangements or understandings between Dr. Lin and any other persons pursuant to which he was appointed as the Interim Chief Technical Officer of the Company. In addition, there has been no transaction, nor is there any currently proposed transaction between Dr. Lin and the Company that would require disclosure under Item 404(a) of Regulation S-K.

No family relationship exists between Dr. Lin and any other director or executive officer of the Company.


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