WALTHAM, Mass., Aug. 22, 2013 /PRNewswire/ -- Alere Inc. (NYSE: ALR) (the "Company" or "Alere") is pleased to announce that on August 19, 2013 its Board of Directors appointed Mr. Gregg J. Powers as an independent director of the Company. With the addition of Mr. Powers, Alere's Board is now comprised of a total of 11 directors, 9 of whom are independent.
Mr. Powers is Chairman and Chief Executive Officer of Private Capital Management ("PCM"), an independent investment advisor. PCM clients own approximately 941,570 shares of Alere common stock and approximately 5,400 shares of Alere preferred stock, and Mr. Powers owns 46,000 shares of Alere common stock and 18,608 shares of Alere preferred stock.
"Gregg's appointment is in response to stockholder feedback regarding the importance of direct stockholder representation, and I expect that he will be a valuable contributor to the board's discussions about how best to enhance stockholder value," said Ron Zwanziger, Chairman, Chief Executive Officer and President of the Company. "This is one step among many towards demonstrating our continuing commitment to stockholders and to delivering results."
About Gregg J. Powers
Gregg J. Powers is Chairman and Chief Executive Officer of PCM. Mr. Powers began his investment career as a healthcare analyst at Raymond James Financial. Mr. Powers joined PCM's investment research team in 1988. During the early 1990s, Mr. Powers became co-portfolio manager, credited with the primary underwriting of PCM's investments in technology, healthcare, and telecommunications. Mr. Powers became President of PCM in 1999, CEO in 2008, and assumed the role of Chairman in 2009. As portfolio manager, Mr. Powers oversees all aspects of the investment of client portfolios. Mr. Powers has a Bachelor of Science degree in Finance from the University of Florida.
By developing new capabilities in near-patient diagnosis, monitoring and health information technology, Alere enables individuals to take charge of improving their health and quality of life at home. Alere's global leading products and services, as well as its new product development efforts, focus on cardiology, infectious disease, toxicology and diabetes. Alere is headquartered in Waltham, Massachusetts. For more information regarding Alere please visit www.alere.com.
SOURCE Alere Inc.