Archive for Thursday, October 7, 1999

OREAD INC. OFFICIAL STEPS DOWN

October 7, 1999

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A senior executive is resigning from Oread Inc. after less than two months on the company's reorganized senior management team.

Michael L. Johnson, Oread's senior vice president for business development, announced Tuesday that he would resign effective Oct. 15. He plans to remain in Lawrence as a consultant for companies in the health care industry.

"Basically I decided it was time to move on to other opportunities," Johnson said Wednesday. "I really believe in the Oread mission, the strategic plan. It's one that can be achieved.

"This was just a good opportunity for me to try to get out on my own and grow my own business."

Johnson has been responsible for sales and marketing at the contract pharmaceutical firm, which last year had sales of $83 million. He joined Oread in November 1997, after working previously as a consultant.

Johnson's departure is the first from the new senior management team at Oread, assembled in August after David Kimbrell regained control of the company from his previous partners. Oread's previous board ousted Kimbrell in December.

In August, Kimbrell said he wanted to return Oread -- which he said had been on the verge of bankruptcy -- to the rapid-growth mode it had previously enjoyed under his leadership. Kimbrell was out of town Wednesday and unavailable for comment.

With its headquarters at 15th Street and Wakarusa Drive, Oread provides "molecule to market" drug development for about 80 companies all over the world, most of them in the United States and Europe.

-- Mark Fagan's phone message number is 832-7188. His e-mail address is mfagan@ljworld.com.

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