Bio-Rad director Ruediger Naumann-Etienne has resigned from the company’s board effective Dec. 4, the firm said this week in a filing with the US Securities and Exchange Commission.
Naumann-Etienne was an independent director and a member of the board's audit and compensation committees. Bio-Rad noted in its SEC filing that his departure "is not related to any disagreement with the company’s operations, policies, or practices."
However, as a result of Naumann-Etienne's resignation, Bio-Rad no longer complies with the New York Stock Exchange's audit committee guidelines, which require three directors.
Bio-Rad said that it notified NYSE on Dec. 9 that it is not in compliance with this requirement. It added that it is seeking a replacement for Naumann-Etienne and intends to regain compliance with NYSE requirements "as soon as practicable."