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July 20, 2009
Share ThisPhysicians Formula Holdings (FACE) has received a NASDAQ Staff Deficiency Letter from The NASDAQ Stock Market indicating that the company no longer complies with NASDAQ's independent director requirement for continued listing due to the resignation of Jeff Berry from the Board of Directors.
Effective May 29th, Joseph Jaeger resigned as the Chief Financial Officer of Physicians Formula Holdings. The company cited family reasons for Jaeger’s departure.
Jeff Berry replaced Jaeger as the interim CFO. Jeff Berry was the Treasurer and head of strategy and business development for Del Monte Foods (DLM) until June of 2008, when he resigned to work as an advisor to private equity firms in the food and personal care industries.
Mr. Berry had been a member of the Board of Directors of Physicians Formula since October of 2007, a member of the Audit Committee, and also the Chair of the Compensation Committee and the Corporate Governance and Nominating Committee. However, Mr. Berry resigned from the Board of Directors while he is acting as the interim CFO.
Due to Berry's resignation, the company no longer complies with NASDAQ's independent director requirement. However, the company has until November 25, 2009 to regain compliance with the independent director and audit committee requirements of the NASDAQ Listing Rules.
We expect the company to appoint a Chief Financial Officer prior to the NASDAQ deadline of November 25th in order to maintain the company’s listing.
Read the full analyst report on "FACE"
Read the full analyst report on "DLM"
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