More than a month after winning a proxy contest involving Quigley Corp., Ted Karkus has now been named chief executive officer of the Doylestown maker of Cold-Eeze cold remedies.
Karkus, a New York investor, successfully led an effort to replace the entire board of Quigley this spring. That victory led company founder Guy Quigley to resign. Karkus had been interim CEO since June 12; he's also chairman of the board.
As CEO, Karkus will earn a salary of $750,000, plus benefits.
The company also hired a chief operating officer, Robert V. Cuddihy Jr. Most recently, he's been the president of a New York City-area company that advises on financial restructuring and mergers. Cuddihy had been chief financial officer of iDNA Inc., a New York strategic communications and technology firm, for eight years.
Cuddihy's salary will be $275,000. He also will receive an annual grant of $50,000 in Quigley common stock.
A statement released by the company this morning says that Quigley has cut overall annual payroll expense by about $1.75 million, even after hiring Karkus and Cuddihy. That was accomplished by "recent resignations of senior executives and further reductions of head count."
In trading early today, Quigley shares were down 7.5 cents, or 2.3 percent, to $3.18.
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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