Derma Sciences president & CEO Edward Quilty resigns from the company's board of directors after Nasdaq's listing qualifications officers noted that his membership was in violation of listing rules.
Derma Sciences (NSDQ:DSCI) president & CEO Edward Quilty resigned from the company's board of directors, settling a non-compliance issue that could have led to delisting from the Nasdaq stock exchange.
Nasdaq requires that all members of a listed company's board of directors be independent directors. Quilty was "inadvertently appointed to the nominating and corporate governance committee of the company's board of directors this past year and, on May 17, 2012, resigned from the Nominating Committee, effective immediately," according to an SEC filing.
Nasdaq ruled that the violation was not the result of "deliberate intent to avoid compliance" and deemed the matter closed after Quilty stepped down from the board, Derma noted in regulatory filings.