PRINCETON, N.J.--(BUSINESS WIRE)--PharmaNet Development Group, Inc. (NASDAQ: PDGI) (the “Company”), today announced that on October 22, 2007 Jack Levine, resigned as chairman and member of the board of directors and David Lucking resigned as a member of the board of directors. As a result, the board of directors has appointed Peter Tombros, currently an independent member of the board, as chairman. In addition, David Natan, executive vice president of reporting and analysis and chief accounting officer, and the Company agreed to a mutual separation. Mr. Natan’s severance agreement is currently being negotiated by the Company. The material terms of his severance, which are otherwise required pursuant to his current employment agreement, were approved by the independent members of the board of directors on October 24, 2007. The final severance agreement will be filed as an exhibit to a Form 8-K or the Company’s next periodic report, if and when executed.
