Twenty-two years after founding the Albany contract developer, AMRI ($AMRI) CEO Thomas D'Ambra will retire from his post on New Year's Eve, leaving the helm as the company works to get out from regulatory scrutiny and grow revenue.
As of 2014, D'Ambra will serve as the non-executive chairman, and AMRI has already chosen D'Ambra's replacement: board chairman and former Teva Americas CEO William Marth.
"I have been fortunate to have worked with a large number of current and former colleagues who have helped create and grow this wonderful organization and believe that market dynamics and the evolving business climate favor the continued growth of strategic outsourcing," D'Ambra said in a statement. "It is the right time for me to turn over the reins to a new leader, and I am truly excited that Bill Marth will be leading the organization, particularly at this stage in the company's evolution."
Marth will inherit an outsourcer in transition, as AMRI is still reeling from restructuring charges and facility costs that pushed it to a $2.2 million net loss last quarter. AMRI is also crawling out from under some investor worry after news that partner Bristol-Myers Squibb ($BMY) dumped a co-developed depression drug sent the company's stock down about 22% in a day earlier this month.
But, as D'Ambra points out, AMRI has strung together three consecutive quarters of revenue growth, thanks mostly to its burgeoning large-scale manufacturing business. AMRI is expecting up to $213 million on the year, good for 12% growth, and, under D'Ambra's tenure, the contractor has expanded to employ more than 1,300 people working for roughly 300 clients, the company said.
- read AMRI's announcement