IDT announces departure of CEO

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Melbourne-based specialist pharmaceutical manufacturing company, IDT, has announced the departure of CEO Dr Paul MacLeman.

In a statement, the company said Dr MacLeman had advised the Board of "his intention to resign from the position to advance new business initiatives and to pursue further non-executive board roles."

His resignation as CEO will take effect from 31 August but he has resigned from the company's Board with immediate effect. Dr MacLeman joined the company as CEO in 2013.

According to the company's chairman, Graeme Kaufman, “With his strong background in corporate strategy, Paul correctly identified the limited growth opportunities in IDT’s traditional markets and the need to capture more of the value chain, leading to the development of our generics business. We will miss him, and wish him well in his future endeavours.”

Dr MacLeman has enjoyed a long career in the Australian life sciences sector. He is currently chair of AdAlta, a company specialising in the discovery and development of protein-based therapeutics, and previously served as the CEO of Genetic Technologies and HatchTech.

IDT Australia specialises in the manufacture of active ingredient and finished dose products, microbiological and analytical testing, clinical packaging, phase one and first-in-man clinical trials and pharmacy services.