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Etrials Restructuring—Again

Monday, December 22, 2008

A month after naming a new permanent CEO, beleaguered eClinical company etrials is reorganizing its management structure—a move that will result in the departure of once-interim CEO Chuck Piccirillo as well as two other senior executives.

This is the second major management restructuring for etrials in 2008. Earlier this year, the company lost its CEO, chief financial officer, and chief operating officer (whose position was eliminated).

Piccirillo served as CEO from July to November while the company launched an executive search to replace Chip Jennings, who resigned suddenly in July. Piccirillo was replaced by permanent CEO M. Denis Connaghan in November and resumed his position as vice president of technology.

The reorganization, according to a company statement, is intended to better align operations with customer need and more effectively leverage strengths. However, the announcement comes after more than a year of financial struggle for the Morrisville, N.C.-based company.

In November, etrials reported a $6.1-million net loss for the third quarter. The company’s share prices have dropped almost 70% since the start of the year to $0.84 in morning trading.

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