BRISTOL, Tenn., Aug. 26 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) announced today the appointment of Ted G. Wood to the
Company's Board of Directors, effective yesterday, August 25, 2003.
Ted G. Wood is the former President of The United Company in Bristol,
Virginia, the position from which he retired in 2002. Prior to joining
United, Mr. Wood was President of KV Pharmaceuticals in St. Louis, Missouri
from 1993 to 1994. Mr. Wood was President of Boehringer Mannheim
Pharmaceutical Corporation in Rockville, Maryland from 1992 to 1993, and was
employed by SmithKline Beecham Corporation from 1975 to 1991, where he served
as President of Beecham Laboratories from 1988 to 1989 and Executive Vice
President of SmithKline from 1990 to 1991. Mr. Wood graduated from the
University of Kentucky with a B.S. in Commerce in 1960 and completed the
Advanced Management Program at Harvard University in 1986. Mr. Wood
previously served as a director of King from 1997 to 2000.
Jefferson J. Gregory, Chairman and Chief Executive Officer of King,
stated, "We are extremely pleased that Mr. Wood has joined King's Board of
Directors. Mr. Wood's excellent reputation, strong business acumen, and
extensive pharmaceutical experience should provide great insight and
leadership for our Company." Mr. Gregory further explained, "The addition of
Mr. Wood to the Board increases the number of King's independent directors to
seven out of a total of nine board members. Such expanded independent
representation is consistent with recommended corporate governance
objectives."
Mr. Wood's appointment to the Company's Board of Directors fills the
vacancy created by the decision of James E. Gregory to resign as a member of
King's Board of Directors, effective yesterday, August 25, 2003, to pursue
other opportunities.
Jefferson J. Gregory commented, "We are extremely grateful for the
contributions my brother, Jim Gregory, made while serving as a director of our
Company. We wish him all the best personally and in his future business
endeavors."
King, headquartered in Bristol, Tennessee, is a vertically integrated
pharmaceutical company that develops, manufactures, markets, and sells branded
prescription pharmaceutical products. King, an S&P 500 Index company, seeks
to capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and
the strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management.
SOURCE King Pharmaceuticals, Inc.
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Related links:
http://www.kingpharm.com
CONTACT:
James E. Green, Executive Vice President of
Corporate Affairs of King Pharmaceuticals, Inc., +1-423-989-8125
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