Quigley investor wants to replace company's entire board

By Lisa Kerner

Charlotte, N.C., April 6 - Quigley Corp. shareholder Ted Karkus plans to nominate a slate of independent directors to replace the company's entire board of directors at the annual meeting on May 20, it was announced on Monday.

Karkus, a 4.8% shareholder, said he will file a preliminary proxy statement with the Securities and Exchange Commission in connection with the nomination.

According to Karkus, there is "a need for compensation reform, improved governance and a cessation of related party transactions at Quigley."

Karkus is opposed to the company's board granting employment contracts, including contracts to employees related to board members, until after the election.

Quigley, based in Doylestown, Pa., manufactures and distributes homeopathic and health products in the United States.

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