Salix Pharmaceuticals shuffled its management team late Monday, replacing its president and chief executive officer while at the same time announcing the retirement of one of its co-founders from its board of directors.

In a press release issued after the markets closed, Salix (Nasdaq: SLXP) said Carolyn Logan, formerly senior vice president of sales and marketing, would take over as president and CEO effective immediately. Logan also joined the company’s board.

Logan replaces Bob Ruscher who was named executive chairman of the board. Ruscher has worked for Salix since 1995 and served as CEO beginning in November of 1999.

Randy Hamilton, one of the company’s co-founders and served as board chairman, retired from the board, Salix said. He “will continue to serve the company in its focus on acquiring additional products,” Salix added in its statement. Hamilton also was the first’s first CEO.

The company, which is focused on treatment of gastrointestinal diseases, described the changes “reflect the evolution of Salix from a start-up operation to a growing, successful commercial business.”

Salix stock closed at $9.60 on Monday, down 60 cents or 6 percent. The company’s stock has plunged in value by more than half since December.

Salix reported $22.4 million in sales and a $17.5 million loss for 2001. It has some 110 employees.

Salix also announced it had gained licensing rights to an ulcerative colitis product now marketed and sold in Germany called “Salofalk”.