Provectus Biopharmaceuticals terminates Peter Culpepper as Interim CEO and COO
Investigation reveals improper expense reimbursements.
Provectus Biopharmaceuticals has announced that on 27 December 2016, the company’s Board of Directors unanimously voted to terminate Peter R. Culpepper, effective immediately, from all positions held with the company, including CEO and Chief Operating Officer, for cause in accordance with the terms of his employment agreement based on the results of the investigation conducted by the Special Committee of the Company's Board of Directors regarding improper expense reimbursements to Mr Culpepper.
The previously established search committee is actively searching for a qualified permanent CEO. In the interim, Timothy C. Scott, will perform the functions of the CEO position in his capacity as President while the CEO position remains vacant. Dr Scott has been with Provectus since April 2002 and currently serves as the company’s President. Prior to joining Provectus, Dr Scott was a senior member of the Photogen management team from 1997 to 2002, including serving as Photogen’s Chief Operating Officer from 1999 to 2002, as a director of Photogen from 1997 to 2000, and as interim CEO for a period in 2000. Eric Wachter will continue as the Company's Chief Technology Officer and John Glass will continue as the company's Interim CFO.
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