Aceto says Chairman and CEO Schwartz retired

AP News
Posted: Dec 22, 2009 5:26 PM

Aceto Corp., a distributor of chemicals and generic drugs, said Tuesday Leonard Schwartz has retired after 12 years as chairman and CEO.

The company said he retired effective Nov. 20 for personal reasons, and described his departure as voluntary. Vince Miata is taking over as CEO, said Albert Eilender, Aceto's non-executive chairman, in a statement.

The company will book a one-time separation charge of $2.6 million in the fiscal second quarter in connection with Schwartz's retirement. Remaining quarterly expenses include a $1.5 million charge from implementing the findings of a review of its selling, general and administrative spending, and a one-time markdown of $700,000 in cost of goods sold after reviewing its product lines.

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Aceto shares rose 4 cents to close at $5.03.