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Orchid Fires CEO Kelly, Appoints New Head and Provides 05 Guidance

NEW YORK, March 9 (GenomeWeb News) - Orchid Cellmark fired CEO Paul Kelly yesterday and appointed Thomas Bologna to take his place on April 3, or until the company files its 2005 earnings report, according to documents filed today with the US Securities and Exchange Commission.

 

Meantime, George Poste, chairman of Orchid's board, will serve as CEO until the company files its earnings for the year ended Dec. 31, 2005, or until April 3, whichever is latest, the documents said.

 

The company separately provided financial guidance for 2005 in a statement released today.

 

Bologna, former president and director of Quorex Pharmaceuticals, has been appointed Orchid's CEO for a four-year term, Orchid said. He will receive a commencement bonus of $100,000 within 30 day of his commencement date, and he will be paid an annual base salary of $520,0000, with an annual bonus target of 50 percent of his salary, depending on his performance, the company said.

 

The company said in a separate statement that it expects revenues for 2005 to be between $61 million and $62 million. The company expects its earnings to reflect a fiscal year, 2005, loss of about $8 million.

 

Kelly was appointed Orchid CEO in May 2003 after CEO Dale Pfost resigned the previous year.

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