ALBANY, N.Y. (AP) — Albany Molecular Research Inc. said Monday that president and CEO Thomas E. D'Ambra plans to retire at the end of the year, and the drug development company named non-executive board Chairman William S. Marth to replace him.
The executives will essentially switch roles, with D'Ambra becoming the new non-executive board chairman. Marth will remain on the company's board.
Albany Molecular Research, or AMRI, is based in Albany, N.Y., and partners with pharmaceutical companies to develop and make drugs. D'Ambra founded the company in 1991.
Marth joined AMRI's board last year, when he also retired as an executive with the Israeli drugmaker Teva Pharmaceutical Industries Ltd. He had served as president and CEO of Teva-Americas.
AMRI shares closed at $11.27 on Friday. The price has more than doubled since closing 2012 at $5.28.