January 20, 2009 / 3:43 PM / 10 years ago

UPDATE 1-York Pharma CEO steps down, to become president

* Richard Anderson named new chief executive * Appoints new CFO * Shares fall 4 percent (Adds details)

Jan 20 (Reuters) - Dermatology company York Pharma Plc YRK.L said on Tuesday its Chief Executive and founder Terry Sadler would move to a new position of president following a strategic review to restructure the business.

The company appointed Richard Anderson as its new chief executive. He was the founder and CEO of Derms Development Ltd, which was acquired by York Pharma in October 2007.

York Pharma also appointed Ian Miscampbell as its chief financial officer, replacing Interim Finance Director Simon Ainley who will remain as a consultant for some time.

Miscampbell was most recently the finance director of William Ransom & Son Plc RNSM.L, a natural healthcare firm.

The company said Chief Operating Officer Lothar Nau and Commercial Director Michael Garrison will also step down.

“We will use recent events as a positive stimulus to restructure and refocus our business to ensure strong growth and profitability is achieved and maintained,” incoming CEO Anderson said in a statement.

On Jan. 14, the company had said it returned the dermatological brands acquired in October along with the associated revenue to their vendor Solvay Pharmaceuticals as it could not make the final payment of 11.5 million euros.

However, York Pharma had said it remained in talks with Solvay and was exploring alternative ways to finance the re-acquisition of the brands.

Shares of York Pharma were down 4 percent at 5.75 pence at 1530 GMT on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Gopakumar Warrier)

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