Dougherty’s Pharmacy, Inc. Appoints New President and Chief Executive Officer; Engages Experienced Business Consultant to A...
07 Février 2019 - 12:45PM
Dougherty’s Pharmacy, Inc. (OTCPK: MYDP) (“Dougherty’s” or the
“Company”) today announced it has named Stewart Edington as the
Company’s new President and Chief Executive Officer. In addition,
Edington will also assume interim duties as Chief Financial
Officer.
Edington brings over 30 years of experience in the pharmacy
industry leading some of the largest pharmacy chains in the United
States. He joins Dougherty’s from Gelson’s Pharmacy, where he
served as Director of Operations from 2016 to 2017. Previously, he
was Vice President of Pharmacy Operations at Haggen Food &
Pharmacy from 2015 to 2016. Edington also served in various roles
at Albertsons, including Divisional Pharmacy Manager from 2003 to
2011, and Vice President of Pharmacy Operations from 2011 to 2014.
While employed with Albertsons, he helped cultivate a strategy that
successfully delivered on a number of operational initiatives,
consistently exceeding organizational goals and objectives. He was
also an integral part of the turnaround team during his tenure at
Albertsons, working closely with Cerberus Capital Management, L.P.,
a private equity firm that owns and operates Albertsons.
“I am very excited to join Dougherty’s Pharmacy and am eager to
lead the Company through its next phase of growth,” Edington said.
“We have already begun taking aggressive steps to manage the cost
structure more efficiently for the existing revenue base and to
bring in new revenue sources that should enhance top line growth. I
believe we have tremendous opportunity for continued improvement,
and I’m looking forward to working alongside our employees
regarding these new operational initiatives.”
The appointment of Edington is further strengthened by the
engagement of John D. Abouchar (J.D.) as a consultant and advisor
to the Dougherty’s Board of Directors. Abouchar currently serves as
the Chairman of the Board of CynergisTek (AMEX: CTEK), a leading
healthcare Cyber Security services company. He brings over three
decades of experience and a proven track record of executing
shareholder value driving initiatives.
Abouchar’s focus will remain squarely on positioning the Company
for profitability and growth to build sustainable shareholder
value. His previous experience as a financial analyst,
institutional investor and board member of micro-cap public
companies adds depth and a seasoned perspective to the team.
Abouchar served as an Independent Consultant to Graham
Partners, L.P. hedge fund from 2014-2015 and was a Portfolio
Manager with Boston-based GRT Capital Partners, LLC from
2006-2014. Prior experience also includes Senior Equity
Analyst positions with Pacific Edge Investment Management;
Preferred Capital Markets, Inc.; and L.H. Friend, Weinress,
Frankson & Presson, Inc. as well as Director positions with SED
International and InFocus Corp.
“Dougherty’s vision to build a dynamic, customer service focused
regional pharmacy chain through internal initiatives and targeted
acquisitions of independent pharmacies is the right plan to execute
against,” said Mr. Abouchar. “Data indicates that rising medical
costs and higher deductible healthcare plans drive many people to
the pharmacist as the first point of care for day-to-day healthcare
needs. The pharmacy’s important role in the community continues to
evolve becoming much more than just the place where you pick up
your prescriptions. We’ve identified compelling opportunities to
drive additional business for Dougherty’s, including further
embracing technology and new methods of linking doctors and
patients. When we pair this with Dougherty’s rich history as a
regional community pharmacy providing high-touch service,
convenience and affordable access to medications, we see
significant growth opportunities,” he concluded.
Jim Leslie, Chairman of the Board of Dougherty’s, said Edington
and Abouchar are welcome additions to the Dougherty’s leadership
team. “Stewart and J.D. bring extensive retail pharmacy operational
experience and corporate finance expertise to Dougherty’s.
Stewart’s experience and track record for success while employed at
several large pharmacy chains will provide the managerial
leadership Dougherty’s needs to advance into the future. J.D. also
brings substantial financial experience that will help position our
business for market opportunities that maximize growth and profit
opportunities for our shareholders. We believe these strategic
appointments add strength and enhanced credibility to Dougherty’s
value proposition.”
About Dougherty’s Pharmacy, Inc.
Dougherty’s Pharmacy, Inc. is a value-oriented investment firm
focused on successfully acquiring, managing and growing
community-based pharmacies in the Southwest Region. Interested
investors can access financials and stock trading information for
Dougherty’s at OTCMarkets.com or at www.doughertys.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Securities Act of 1933, the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Such statements are based upon management's current
expectations, projections, estimates and assumptions, including
future events such as expectations for the Company receiving its
pharmacy licensure for its new location as well as its expectations
for revenue generation from this new pharmacy location. These
forward-looking statements may be identified by words such as
"expects," "believes," "anticipates" and similar expressions.
Forward-looking statements involve risks and uncertainties that may
cause future results to differ materially from those suggested by
the forward-looking statements. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect any future
events or circumstances.
Contact: |
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Geralyn DeBusk or Tom
Carey |
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Halliburton Investor
Relations |
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972-458-8000 |
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