Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and modeling software for pharmaceutical discovery and development, today announced that a member of its Board of Directors has elected to retire from the board and a new, outside member has been elected to fill the vacancy.
Walt Woltosz, chairman and chief executive officer of Simulations Plus, said: “Mr. Harold Wayne Rosenberger has decided to retire from the Simulations Plus Board of Directors effective December 3, 2014. Wayne has been with us since 2007, and he has served our shareholders with distinction, providing valuable counsel and oversight for the last 7 years. We will miss Wayne and wish him well.”
To fill the vacancy and maintain a majority of outside directors, and in accordance with the corporation’s by-laws for filling vacancies on the board, the board is electing Dr. John K. Paglia, Ph.D., CFA, CPA, as a member of the board effective December 3, 2014. Dr. Paglia holds a Ph.D. in finance, an MBA, a B.S. in finance, and is a Certified Public Accountant and Chartered Financial Analyst. He is currently an Associate Dean at the Graziadio School of Business and Management at Pepperdine University. He founded the award-winning Pepperdine Private Capital Markets Project for which he received an “Excellence in M&A Award” from the Association for Corporate Growth in 2011 and a “Thought Leader of the Year Award” from the Alliance of Merger & Acquisition Advisors® in partnership with Grant Thornton LLP, in 2012. Dr. Paglia will replace Mr. Rosenberger on the Audit, Compensation, and Nominating committees of the board and is expected to be named as the chairman of the Audit Committee.
“We are very pleased that Dr. Paglia has accepted our invitation to join the board of Simulations Plus and we look forward to his participation in guiding Simulations Plus going forward,” added Mr. Woltosz.