RESEARCH TRIANGLE PARK, N.C. … Two months after being ousted as president and chief executive officer, Paradigm Genetics founder John Ryals has resigned his spot on the company’s board of directors.
Ryals, who earlier vowed to remain on the board as a watchdog for shareholders, tells LocalTechWire that “it’s more in my self interest” to step down from the board.
“This frees me up to pursue other things,” Ryals says, declining to comment on his future plans.
Paradigm (Nasdaq: PDGM), which has evolved from an agricultural biotechnology company to one that has developed a platform for faster drug discovery, also announced that all outstanding issues related to Ryals’ departure as president and CEO have been resolved.
Ryals previously mentioned the potential for litigation over his Feb. 26 termination, which apparently was the result of a rift over the company’s strategic direction. He declines to comment on any settlement he reached with Paradigm.
“We truly appreciate all that John Ryals has done for Paradigm,” Chairman G. Steven Burrill said in a statement. “He, along with Paradigm’s other three founders, built the company from the ground up. His leadership and vision helped propel us to where we are today. I am glad we were able to resolve all outstanding issues amicably.”
Burrill said the company expects to select a new CEO within the next 60 days, adding that the company’s management team continues to execute on the business strategy in the meantime.
Paradigm website: www.paradigmgenetics.com