Procaps Group Announces New Chairman

Rhea-AI Summary

Procaps Group (NASDAQ: PROC) announced that Ruben Minski has resigned as Executive Chairman but will remain a Board member. His resignation is effective June 30th. The new Chairman of the Board is José Minski, who brings extensive experience to his new role. Ruben Minski stated the transition over the past six months to CEO Jose Antonio Vieira has been successful, prompting his decision to step down. José Minski expressed his commitment to driving strategic initiatives and shareholder value.

Positive

• José Minski's appointment as Chairman of the Board is expected to bring continuity and extensive experience to the strategic direction of Procaps Group.
• Ruben Minski will remain on the Board, ensuring experienced oversight and support.

Negative

• The resignation of Ruben Minski as Executive Chairman could signal potential instability or shifts in leadership dynamics.

Ruben Minski decides to step down as Executive Chairman and José Minski is appointed as new Chairman of the Board

MIAMI & BARRANQUILLA, Columbia--(BUSINESS WIRE)-- Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”), a leading integrated LatAm healthcare and pharmaceutical conglomerate, announced that Mr. Ruben Minski has resigned from his role as Executive Chairman of the Board, effective June 30^th. Mr. Minski will continue to serve as a member of the Board of Directors.

Reflecting on his decision, Ruben stated: “This month marked six months since Jose Antonio Vieira assumed the role of CEO of Procaps. To ensure a smooth and effective transition, I have had the privilege of serving as Executive Chairman of our Board. Reflecting on these six months, I believe the transition to our new leader has been successful, and it is now time for me to step down from this honorable position. As a major shareholder, I will remain on the Board of Directors to support our efforts to overcome obstacles and capitalize on opportunities.”

The Board of Directors of the Company (the “Board”) has appointed Mr. José Minski, currently a member of the Board and Chair of the M&A Committee, as the new Chairman of the Board.

José Minski brings extensive experience and a deep understanding of Procaps´ strategic direction and operational objectives, which will be invaluable in his new role. José Minski stated, “I am honored to take on this new role and look forward to working closely with the Board and management team to continue driving Procaps´ strategic initiatives and deliver value to our shareholders.”

About Procaps Group

Procaps Group, S.A. (“Procaps”) (NASDAQ: PROC) is a leading developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies that reach more than 50 countries in all five continents. Procaps has a direct presence in 13 countries in the Americas and nearly 5,000 employees working under a sustainable model. Procaps develops, manufactures, and markets over-the-counter (OTC) pharmaceutical products, prescription pharmaceutical drugs (Rx), nutritional supplements, and high-potency clinical solutions.

For more information, visit www.procapsgroup.com or Procaps’ investor relations website investor.procapsgroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240628954592/en/

Investor Contact:

Melissa Angelini

ir@procapsgroup.com

+1 754 260-6476

investor.procapsgroup.com

Source: Procaps Group, S.A.

FAQ

Why did Ruben Minski resign as Executive Chairman of Procaps Group?

Ruben Minski resigned as Executive Chairman to ensure a smooth leadership transition to CEO Jose Antonio Vieira, stating it was time to step down after six successful months of transition.

When is Ruben Minski stepping down as Executive Chairman?

Ruben Minski is stepping down as Executive Chairman on June 30th.

Who is the new Chairman of the Board for Procaps Group?

José Minski has been appointed as the new Chairman of the Board for Procaps Group.

What experience does José Minski bring to his new role as Chairman?

José Minski brings extensive experience and a deep understanding of Procaps' strategic direction and operational objectives, having been a member of the Board and Chair of the M&A Committee.

Will Ruben Minski remain involved with Procaps Group after stepping down as Executive Chairman?

Yes, Ruben Minski will continue to serve as a member of the Board of Directors and support the company's efforts.