KV Pharmaceutical Co. said Wednesday it is removing the interim tag from David Van Vliet, making him the company's permanent president and CEO.
KV said its initial contract with Van Vliet will last through Dec. 31, 2011, with a starting base salary of $525,000 per year. The contract will automatically be extended for a year at a time unless KV or Van Vliet provide written notice at least 180 days before the term ends.
Van Vliet's salary will be reviewed at least once a year, according to a filing with the Securities and Exchange Commission. The agreement was struck on Nov. 23 and reported to the SEC on Nov. 25, but KV did not announce it until Wednesday.
Van Vliet is the former head of KV's Ethex generic division. He became interim president and CEO in December 2008, following the departure of Marc Hermelin.