Aceto Corp., the bankrupt drugmaker and seller of chemicals, has named Steven S. Rogers to be its next president, the Port Washington company announced Tuesday night.
Rogers succeeds William C. Kennally III, who was terminated on May 31 after more than a year and half at the Aceto helm.
Kennally put the company into Chapter 11 bankruptcy protection from creditors in February and oversaw the sale of its two operating divisions in court-monitored auctions in April. Also that month, Aceto shares were delisted from the Nasdaq stock market.
His termination was “without cause and was not the result of any disagreement with the company,” according to a securities filing this month. He received $768,000 in severance and $1.6 million after disposing of the operating units.
Rogers has been Aceto's chief legal officer and secretary since April 2016. He joined the company from Rising Pharmaceuticals Inc., a New Jersey drugmaker that Aceto purchased in 2010 as part of an ill-fated plan to become a major player in the generic drugs industry. He was Rising’s general counsel.
Rising’s recent losses, along with debt amassed in trying to enlarge the division, were cited by Aceto as reasons for its bankruptcy filing.
Rogers is expected to oversee Aceto’s final wind-down. The company didn’t disclose on Tuesday how much it’s paying Rogers. His predecessor’s base pay was $650,000 per year.
Aceto also announced on Tuesday that its CFO, Rebecca A. Roof, has joined AlixPartners LLP in Manhattan. The management consulting firm has been advising Aceto during the bankruptcy process. She served as CFO for about a year and is succeeded by Carrianne J.M. Basler, who is also a managing director at AlixPartners.