PhotoMedex, Inc. (PhotoMedex), a dermatology products and technologies company, said that its president and chief executive officer (CEO), Jeffrey O'Donnell, has resigned from the company and the board to pursue other business interests. The board has appointed current chief financial officer (CFO) Dennis McGrath as its president and CEO, effective July 6, 2009.
McGrath joined PhotoMedex in January 2000, and has served as its CFO since that time. McGrath has served in several operating and financial senior executive level positions throughout most of his career.
O’Donnell has led PhotoMedex since 1999, and under his leadership the company has grown into a portfolio of dermatology focused businesses based on both sound science and compelling patient and consumer benefits. The board of directors of PhotoMedex thanked O’Donnell for his decade of committed service to the company.
Richard DePiano, chairman of the board of directors of PhotoMedex, stated, “We are pleased to have had the depth of management to enable a smooth transition in leadership of the company. The Board believes that Dennis brings the continuity of management with a unique skill set to re-direct the company through the challenging economic times that all companies are facing. Over the years he has demonstrated to us his thorough understanding of all aspects of our business and we are confident in his ability to strategically leverage the global presence we have established.”
McGrath commented, “I am delighted to join with our Board of Directors, our talented and hard-working employees and our dedicated shareholders in welcoming the exciting and challenging times ahead. I believe that we are uniquely positioned as a company to accelerate our growth once the world economic conditions settle around us. The quality of our existing products and the untapped technology residing within our people and intellectual property provide me with a great deal of optimism for the years ahead. I thank Jeff O’Donnell for the foundation that his leadership has provided.”