Psychemedics Corporation Announces CEO Succession Plan

Brian Hullinger Will Succeed Ray Kubacki as CEO Effective August 17, 2023

Mr. Hullinger Brings 30 Years of Leadership Experience and a Proven Track Record of Driving Growth

ACTON, Mass., July 12, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), the world’s largest provider of hair testing for drugs of abuse, announced today that its board of directors has approved a transition plan for the Company’s President and CEO position. Effective August 17^th, current Chairman of the Board, President, and CEO, Ray Kubacki, will retire from the positions he holds and be succeeded by Brian Hullinger as President and CEO. Subject to shareholder approval, Mr. Hullinger will also join the company’s board of directors. Mr. Kubacki will remain with the company in an advisory role for a period after August 17, 2023.

“On behalf of the Board of Directors, I wish to express our gratitude to Ray Kubacki for his many years of service building a company than can attract a leader of Brian’s caliber as our next CEO. Brian brings a wealth of strategic executive leadership experience that has resulted in exceptional company growth, client retention, and enhanced stakeholder value for both public and private companies,” said PMD board member and chairman of the compensation committee, Drew Reynolds. “Brian brings a great mix of skills and energy to build on the company’s unique market position and to partner with our trusted customers and valued stakeholders.”

Mr. Hullinger has held leadership positions including CEO, head of global sales and marketing, and CRO at several tech-enabled service organizations that deliver solutions to a variety of risk-compliant and regulated industries.

“The Board believes Brian is the perfect fit for the company and can lead us into the future,” said Darius G. Nevin, PMD board member. “We also thank Ray for all his hard work, dedication, and service to the Company.”

Mr. Kubacki joined the company in 1991 as its President and CEO. He was appointed Chairman of the Board in 2003. Under his leadership, Psychemedics became an innovator in using hair testing for drugs of abuse and a highly respected competitor in the drug testing market.

“It is my honor to take the reins as Psychemedics continues as the world’s leader in drug hair testing and to position it for future success,” said Mr. Hullinger. “I look forward to working with my new colleagues to provide Psychemedics’ best-in-class solutions to our valued customers and partner organizations.”

The company is also announcing that, on July 12, 2023, Fred Weinert informed the company he is retiring as a director at the expiration of his current term at the 2023 annual meeting of stockholders. After his retirement, the board will be comprised of five members. The other members of the company’s board wish to thank Mr. Weinert for his many significant contributions to Psychemedics during his 32 years of service to the company.

Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse. The Company’s patented process is used by thousands of U.S. and international clients, including over 10% of the Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve Banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods.

The Psychemedics Corporation web site is www.psychemedics.com

William Norris
Controller        
(978) 206-8220
WilliamN@psychemedics.com