Akorn, Inc. (NASDAQ:AKRX) today announced the appointment of Raj Rai as
Interim Chief Executive Officer while the Board of Directors conducts a
search to find a permanent replacement. Mr. Rai replaces Jeffery A.
Whitnell, who is leaving the company to pursue other interests.
Mr. Rai has been a strategic consultant to the company for the past
three months. Mr. Rai has 15 years of healthcare services background.
Most recently, he was the President and CEO of Option Care, Inc.
(NASDAQ:OPTN) a leading pharmacy services provider of home infusion
therapies and specialty pharmaceuticals. During his tenure with Option
Care, Inc., Mr. Rai was instrumental in the rapid expansion and growth
of the company. Walgreen Co. acquired the company in 2007. Mr. Rai
currently serves on the board of directors of SeQual Technologies, a
leading manufacturer of portable oxygen concentrators. Mr. Rai holds a
B.Tech degree in Mechanical Engineering from REC Warangal (India) and an
MBA in Finance from Wayne State University.
The company also announced the appointment of Timothy A. Dick as the its
Chief Financial Officer. Mr. Dick joins the company from
Walgreens-Option Care, Inc., where he served as Vice President,
Operations Improvement & Analysis with responsibility for finance,
pricing and process improvement. Mr. Dick has previously held various
leadership positions in the areas of financial planning, analysis, and
acquisitions at Option Care, Inc. Prior to joining Option Care, Inc.,
Mr. Dick held various management positions in finance and acquisitions
with both Johnson & Johnson and Peace Health, a Seattle-based regional
health care system. Mr. Dick received a BBA in Accounting from the
University of Texas at Tyler and an MBA in Finance from the University
of Michigan’s Ross School of Business. Mr. Dick will commence his new
role on June 15, 2009.
The company has also appointed Joseph Bonaccorsi as Senior Vice
President, General Counsel and Secretary. Mr. Bonaccorsi served as
Senior Vice President, General Counsel and Secretary for Option Care,
Inc. from 2002 through 2007. Following the Walgreen Co. acquisition of
Option Care, Inc., Mr. Bonaccorsi served as Senior Vice President
Mergers and Acquisitions and Counsel for the Walgreen’s-Option Care Home
Care division. Prior to joining Option Care, Inc. in 2002, Mr.
Bonaccorsi was in private law practice in Chicago. Mr. Bonaccorsi earned
a BS degree from Northwestern University and a JD degree from Loyola
University School of Law, Chicago.
Dr. John N. Kapoor, Akorn’s Chairman of the Board stated, “I am pleased
with the progress the company has made in the last few months.
