American Bio Medica Corporation announced that Donal Carroll has been removed from the position of chief executive officer, effective January 21 2004. He had held the position since October 2003. Carroll continues to serve as a member of the company's Board of Directors.
While the company looks for a successor, the executive committee of the Board will work closely with ABMC's chief financial officer Keith Palmer, chief scientific officer Martin Gould, and vice president of Sales and Marketing Todd Bailey, in the day-to-day management of the company.
Edmund Jaskiewicz, president of ABMC and a member of the executive committee of the Board stated: "Immediate action was necessary to insure our objective of continued sales and earnings growth in this quarter as well as the remainder of 2004. ABMC is committed to maximizing shareholder value by continuing to strengthen the fundamentals of our company."
American Bio Medica Corporation is a biotechnology company that develops, manufactures and markets accurate, cost-effective immunoassay diagnostic test kits, including some of the world's most effective point-of-collection tests for drugs of abuse.