Aceto's Schwartz departs

Leonard S Schwartz, chairman and CEO of US chemical distributor Aceto, is to take voluntary retirement for personal reasons. As a consequence, the company reports, there will be an associated one-time separation expense recognised and reflected in Aceto’s fiscal 2010 second quarter financial statements to the tune of $2.6m. “Len Schwartz, during his 40 year tenure with the company, contributed leadership and vision, which resulted in both business and geographic expansion. We anticipate that as we emerge from the global economic downturn that we will once again embark upon another era of growth with Vince Miata as chief executive officer,” says Albert Eilender, non-executive board chairman.

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