Simulation Plus Inc. on Thursday announced changes in its senior management structure following the creation of two new divisions for its software products, sending the stock price up nearly 8 percent.
The Lancaster drug simulation software company said it has opened divisions in New York and North Carolina, and has appointed presidents over each of them.
Ted Grasela will lead the New York division and manage the clinical trial software Cognigen, which Simulations Plus acquired in 2014. Brett Howell has been named president of the North Carolina division and will manage Dilisym Services, a liver injury simulation software acquired in June.
John DiBella was appointed president of the Lancaster division. He will oversee Simulations Plus’ software business.
The presidents will report to Chief Executive Walt Woltosz, who has been operating at 60 percent capacity for the last few years, the company said.
“With the acquisition of Dilisym, which expanded the responsibilities of the corporate president over all divisions, and recognizing the already considerable demands with the continued growth of Cognigen, the board felt it was optimal to have three division presidents, each responsible for the operation of their division alone, reporting to Mr. Woltosz as CEO,” said David Ralph, a member of the board of directors, in a statement. “We are holding open the position of president of the overall corporation, but not filling it at this time.”
Shares of Simulation Plus (SLP) closed Friday up $1.15, or 7.9 percent, to $15.65 on the Nasdaq.