Obagi Medical Products Appoints Albert F. Hummel President and CEO
April 21 2011 - 4:05PM
Business Wire
Obagi Medical Products, Inc. (NASDAQ: OMPI), a leader in topical
aesthetic and therapeutic skin health systems, today announced that
Albert F. Hummel has been appointed the Company’s President and
Chief Executive Officer. Mr. Hummel had been serving as interim
President and Chief Executive Officer since October, 2010, and has
served on the Company’s Board of Directors since 2005.
“We’re delighted to announce Mr. Hummel’s appointment as our
President and Chief Executive Officer,” said Board Chairman Albert
J. Fitzgibbons. “Al is a proven manager and seasoned executive with
extensive experience in pharmaceuticals and dermatology. He is the
ideal leader to help shape Obagi’s long-term strategic direction
and further position the Company for the next level of growth. We
are particularly pleased with the Company’s progress these past six
months under Al’s leadership in terms of both strategic vision and
operational direction.”
Mr. Hummel has nearly 40 years of diverse business and capital
markets experience. He has served as Chief Executive Officer and a
Director of Cobrek Pharmaceuticals, Inc., a privately-held
pharmaceutical product development company, since 1998. Although he
will retain these positions over the near term, he will be devoted
full-time to his duties at Obagi Medical Products.
From 1994 until 1998, Mr. Hummel was co-founder and a general
partner of Affordable Residential Communities LLC. Since 1986, he
has served as a director of Watson Pharmaceuticals Inc. and was its
Chief Financial Officer from 1991 through 1994. Mr. Hummel was
co-founder of Bradley Hummel Inc., a NYSE firm, and began his
career at Merrill Lynch & Co. in 1970 as a member of the
investment banking group.
“The chance to serve as chief executive of Obagi at this stage
of its growth and development is an incredible opportunity,” said
Mr. Hummel. “Obagi’s products and brand are invaluable assets and I
look forward to leading the company as we continue to grow our
market presence and leadership position in the physician-dispensed
channel. The Obagi franchise is built on scientifically based
products with proven efficacy that have transformed the lives of
countless people.”
Mr Hummel continued: “Obagi has created a unique and powerful
distribution channel for its products. This channel is essential to
the Company’s future strategy as we expand the market opportunities
for our products. We have implemented and continue to develop a
number of customer and consumer engagement initiatives designed to
protect the channel and further promote brand awareness.”
About Obagi Medical Products, Inc.
Obagi Medical Products is a specialty pharmaceutical company
that develops, markets and sells, and is a leading provider of,
proprietary topical aesthetic and therapeutic prescription-strength
skin care systems in the physician-dispensed market. Using its
Penetrating Therapeutics technologies, Obagi Medical's products are
designed to improve penetration of agents across the skin barrier
to treat some of the most common and visible skin conditions in
adults including premature aging, photodamage, hyperpigmentation
(irregular or patchy discoloration of the skin), acne, sun damage,
rosacea, and soft tissue deficits, such as fine lines and wrinkles.
The history of Obagi Medical's skin care product introductions is
as follows: Obagi Nu-Derm®, Obagi-C® Rx (a prescription-strength
vitamin C and hydroquinone system), Obagi® Professional-C (a line
of highly stable vitamin C serums), Obagi Condition & Enhance®
for use with cosmetic procedures to enhance patient outcomes and
satisfaction, Obagi ELASTIderm® eye treatment, Obagi CLENZIderm
M.D. acne therapeutic system, a formulation of Obagi CLENZIderm
M.D. Systems for normal to dry skin, Obagi ELASTIderm® Decolletage
System, Obagi Rosaclear® System, Obagi ELASTILash™ Eyelash
Solution, Obagi Blue Peel RADIANCE™, and Nu-Derm Sunshield™ SPF 50.
Visit www.obagi.com for more information.
Forward-Looking Statements
There are forward-looking statements contained in this press
release that can be identified by the use of forward-looking
terminology such as the words “believes,” “expects,” “may,” “will,”
“should,” “potential,” “anticipates,” “plans,” or “intends” and
similar expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results, events or developments to be materially different
from the future results, events or developments indicated in such
forward-looking statements. Such factors include, but are not
limited to the current condition of, and potential further
deterioration in, the global economy. A more detailed discussion of
these and other factors that could affect results is contained in
our filings with the U.S. Securities and Exchange Commission. These
factors should be considered carefully and readers are cautioned
not to place undue reliance on such forward-looking statements. The
future results covered by the forward-looking statements may not be
achieved. The forward-looking statements in this release speak only
as of the date they are made and, except as required by law, Obagi
Medical Products does not intend to update this information.
Obagi and the Obagi logo are registered trademarks of Obagi
Medical Products and/or its affiliates in the United States, EU and
certain other countries.
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