Medipharm Labs Appoints Former Purdue Pharma Exec As CEO

Medipharm Labs (TSX: LABS) continues to suffer from management turnover. The company today announced that its CEO, Bryan Howcroft, will be stepping down for personal reasons effective immediately. Howcroft was in the role for just six months.

Taking Howcroft’s place within the company is that of David Piddick, whom Medipharm lists as previously serving as a president and CEO of a “Canadian pharmaceutical company.” That pharma company is believed to be Purdue Pharma Canada, whom notably faced numerous lawsuits related to the opioid pandemic which ultimately lead to a bankruptcy filing in the US. Piddick will also serve on the firms board of directors.

Piddick reportedly has over two decades worth of senior leadership experience within the healthcare industry. He currently holds a MBA from Northwestern University.

“In MediPharm, I see one of the very few organizations globally that has the required sophistication to both operate within a stringent Pharma environment, and scale rapidly to capitalize on this growth opportunity. I look forward to contributing my experience in business and corporate development to the team’s current efforts, with a focus on orienting the Company toward both consistent organic growth and accretive M&A activities to drive revenue growth, profitability and value for all stakeholders,” commented Piddick on his appointment.

As part of Piddick’s compensation package, he was issued 14.8 million RSU’s in connection with his appointment, as well as 5.2 million stock options.

Howcroft meanwhile has exited his role from the firm entirely, announcing this morning he will also be vacating his position on the firms board.

Medipharm Labs last traded at $0.145 on the TSX.


Information for this briefing was found via Sedar and MediPharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

2 Responses

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Medipharm Secures $37.8 Million In Convertible Notes

Medipharm Labs (TSX: LABS) this morning announced that it has secured aggregate gross proceeds of...

Monday, June 8, 2020, 08:55:34 AM

Medipharm Labs Sells Off Australian Assets

MediPharm Labs (TSX: LABS) appears to be slowly pulling back on its international endeavours. The...

Monday, July 11, 2022, 08:11:52 AM

MediPharm Labs Report sees Quarterly Revenue Drop 25%

This morning MediPharm Labs (TSX: LABS) released their fourth quarter results for the year ended...

Monday, March 30, 2020, 09:40:29 AM

PI Financial Discontinues Coverage On Medipharm Labs, Heritage Cannabis

Friday evening following the close of markets, a note was sent out by PI Financials...

Monday, September 28, 2020, 07:42:00 AM

Will The Medipharm Labs Statement Of Claim Cause Further Issue For Hexo Corp?

It’s been revealed today by that of BNN Bloomberg that Medipharm Labs’ (TSX: LABS) statement...

Monday, January 27, 2020, 08:30:12 PM