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This article was originally published in The Tan Sheet

Executive Summary

Quigley founder leaves after ouster: Guy Quigley resigns effective immediately from his positions as chairman, director, president and CEO of the firm he founded in 1989, following the board's election of dissident shareholder Ted Karkus as chairman. The U.S. District Court for the Eastern District of Pennsylvania rejected Quigley Corp.'s challenges in the wake of the May 20 shareholders meeting, clearing board seats for Karkus and his slate of directors. Karkus was named interim CEO of the Doylestown, Pa.-based firm June 18. Guy Quigley said he was proud Cold-Eeze zinc cold lozenges became "a highly respected product and a well-established household name" over his 20 years at the firm. The board has "the immediate and daunting task of halting the precipitous decline in financial performance" of recent years, Karkus said June 15. Quigley incurred a $2.2 million loss from continuing operations during its fiscal 2009 first quarter as sales fell 24.5 percent (1"The Tan Sheet" May 11, 2009)
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