CALIFORNIA - News from July 10, 1987
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William G. Baker Jr. has resigned as chairman and CEO of California Biotechnology, a Mountain View developer of health-care products. Baker, 53, had announced in May that he would quit as CEO but his resignation this week as chairman was unexpected.
The company said Baker, 53, was resigning for personal reasons.
Baker will continue as a director and a member of the board’s executive committee.
John W. Culligan, 70, the former chairman of New York-based American Home Products and currently chairman of California Biotechnology’s executive committee, will succeed Baker as chairman and will serve as acting CEO until the company completes its search for a permanent replacement.
California Biotechnology, which is 13.5%-owned by American Home Products, had a loss of $19 million on revenue of $16.8 million in 1986.
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