The president and chief operating officer of Aceto Corp., Vincent Miata, is stepping down, effective Friday, after a 33-year career at the Port Washington specialty chemical maker.
Aceto gave a day's notice that Miata was leaving, and said his replacement for both jobs, as president and as chief operating officer, will arrive on or before Dec. 1, potentially leaving the jobs open for more than a month. The new hire is Salvatore Guccione, a current Aceto board member and a former operating partner at the private equity investment company Arsenal Capital Partners.
With net income of $8.9 million on revenue of $412.4 million in the past year, Aceto has seen its stock drop 36 percent so far in 2011. On Thursday, its share price was only lightly traded in early market reports, up $0.01 to $5.78.
The leadership change comes amid major changes at Aceto as global price and supply pressure moved it away from bulk industrial and agricultural chemicals toward new ventures in pharmaceuticals and nutritional supplements.
Miata's salary of $619,000 made him the company's top-paid executive. He had been named chief executive in 2009 to replace longtime company leader Leonard Schwartz; then in 2010 Miata was moved to a dual role as president and chief operating officer.
Miata was replaced as chief executive in 2010 by Albert Eilender, who remains in that job and who made the brief corporate announcement Thursday of Miata's departure.
"After 33 years of loyal dedicated service with Aceto, Vince Miata has tendered his resignation," Eilender said in a prepared statement. "His last day with the company will be October 7, 2011. Please join me in wishing Vince success in whatever his endeavors will entail."
Eilender said Guccione, the new president, will report to him,