In last trading session, the stock price of Unilife Corp (NASDAQ:UNIS) declined more than 3% to close the day at $0.570. The last major announcement from company came last month when it reported about realignment of business units.

The buzz

Unilife reported the realignment of its leadership teams and business units to efficiently focus measures on the revenue-generating plans of key strategic customers. Subsequent to the successful completion of the assessment of strategic options by its Board, Unilife has streamlined its businesses into two major business units: Wearable and Auto Injectors, and Prefilled Syringes.

The first program focuses on execution of customer programs for wearable injectors, instantaneous patch pumps for insulin and reusable auto injectors. At the same time, the second customer program is for prefilled syringes, and ocular, reconstitution and unique delivery systems.

The highlights

COO and President Dr. Ramin Mojdeh and Chairman and CEO Alan Shortall will resign from their current roles, effective immediately. Shortall will continue to be a consultant to Unilife Board of Directors. The Board has hired Heidrick & Struggles to look after the search process for a CEO. For time being, John Ryan will be the Interim CEO.

The Board has appointed an Executive Leadership Group representing major operational areas of the firm to work in collaboration with Ryan and Board. In addition, Mary Kate Wold, the CEO and President of the Church Pension Group will assume the position of Board Chair.

The expert speaks

Ms. Wold said that they are grateful to Mojdeh and Shortfall for their extraordinary passion and vision. As long-term CEO and also founder of Unilife, Shortfall has been an important part of company’s achievements to-date. They have benefitted from his leadership, perseverance and enthusiasm. Mojdeh leadership in advancing industry-leading technology and forming an innovative and highly-talented team has positioned the company well for future success.