IBJNews

Bioanalytical taps accountant for turnaround

Back to TopCommentsE-mailPrintBookmark and Share

After more than two years leading West Lafayette-based Bioanalytical Systems Inc., CEO Anthony Chilton is out. And so is Alberto Hidalgo, the director of business development Chilton hired.

Instead, newly arrived Chief Financial Officer Jacqueline Lemke will take the reins of the company, at least on an interim basis. Bioanalytical performs laboratory tests on pharmaceutical compounds and makes some analytical instruments.

Chilton joined the company as chief operating officer of scientific services in December 2008—right as recession-induced trouble was setting in. Sales almost immediately started plunging as the recession took hold, falling from $42 million in 2008 to $29 million in 2010.

He took over as CEO in May of that year, and Bioanalytical was able to boost revenue back to $33 million in 2011. But revenue so far this year has been on pace to reach just $29 million.

And costs continued to be a problem. In the six months ended March 31, spending ran 23 percent ahead of revenue.

Over Chilton’s tenure, Bioanalytical’s shares lost 18 percent of their value, after losing nearly 80 percent of their value in the two years before he took the reins. The thinly traded stock closed Friday at 90 cents per share, unchanged by the news of Chilton’s departure.

Lemke has been with Bioanalytical only three months, but she already has launched aggressive cost-cutting plans.

“In this short time, she has significantly reduced the company's cost structure, refocused our marketing program, and instituted aggressive performance goals for all operating departments,” Bioanalytical board Chairman John Landis said in a statement. “Many more changes are in the works. As interim president and CEO, with continuing responsibility as CFO, we expect Jackie to complete the transformation of BASi and deliver the growth and profitability we believe this company is capable of delivering.”

Lemke, a certified public accountant, began her career as a tax consultant at Deloitte. Before joining Bioanalytical, she was Global CFO of Remy Inc., a division of Remy International Inc., based in Pendleton.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT