This excerpt taken from the QMED 8-K filed Dec 4, 2006.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On November 28, 2006, QMed, Inc. (the Company) announced that Jane Murray has been promoted to the position of President of the Company, effective as of November 28, 2006. Ms. Murray will continue to serve as a director of the Company and will continue to hold the position of Chief Operating Officer of the Company. Ms. Murray will no longer serve as Executive Vice President of the Company, effective as of November 28, 2006.
Ms. Murray has served the Company and its subsidiaries for 19 years, including serving as Executive Vice President of Operations for the Companys Interactive Heart Management Corp. subsidiary for the past five years. Ms. Murray is 44 years old. In December 2001, Ms. Murray was appointed as the Chief Operating Officer of the Company and was also appointed as an Executive Vice President of the Company. In December 2004, Ms. Murray was also appointed Vice President and Director of QMedCare, Inc. In April 2005, Ms. Murray was appointed Vice President and Secretary of Health e Monitoring, Inc. (now known as Positive Directions, Inc.). Ms. Murray is married to John Siegel who is a Senior Vice President for Sales and Field Services for the Company.
The employment agreement between the Company and Ms. Murray dated April 21, 2003, which was filed as an Exhibit to the Companys Report on Form 8-K dated April 9, 2005, shall remain the same.
The Company also announced that, as of November 28, 2006, Michael Cox has been appointed as a special advisor to the Board of Directors for Strategic Development and Expansion Issues. Mr. Cox will continue to be a director of the Company, but will no longer serve as either the Chief Executive Officer or the President of the Company, with both actions taking effect as of November 28, 2006.
Pursuant to Mr. Coxs employment agreement, all outstanding unvested options will vest and he will be entitled to certain payments under his employment agreement. The Company expects to take a charge of approximately $943,000 in the fourth quarter related to these obligations.