KV Pharmaceutical Enters Into Employment Agreement with Interim President and CEO David A. Van Vliet
St. Louis, MO-December 2, 2009 KV Pharmaceutical Company (NYSE: KVa/KVb) today announced that that it has entered into an employment agreement with Interim President and Chief Executive Officer David A. Van Vliet with a term through December 31, 2011. Mr. Van Vliet has served as Interim President and Chief Executive Officer since December 2008.
The employment agreement provides continuity of senior leadership as the Company seeks to resume the manufacture and distribution of products marketed by its subsidiaries, ETHEX and Ther-Rx, in accordance with its consent decree with the U.S. Food and Drug Administration (FDA).
"This agreement reflects the tremendous job David has done leading KV during a very challenging and critical period and ensures continuity of his effective stewardship as we execute against our consent decree and seek to return to market," said Terry Hatfield, Chairman of KV Pharmaceutical.
"While we still have work to do to achieve success, we are making the kind of progress that has our organization believing we can reach our goals," said Mr. Van Vliet. "Our emphasis on building a culture of compliance, openness, teamwork, and innovation is being embraced and is having a meaningful impact."
About KV Pharmaceutical Company
KV Pharmaceutical Company is a fully integrated specialty pharmaceutical company that develops, manufactures, markets, and acquires technology-distinguished branded and generic/non-branded prescription pharmaceutical products. The Company markets its technology distinguished products through ETHEX Corporation, a subsidiary that competes with branded products, and Ther-Rx Corporation, the company's branded drug subsidiary.
For further information about KV Pharmaceutical Company, please visit the Company's corporate Web site at www.kvpharmaceutical.com.