Alleged background discrepancies led to Oxygen CEO departure
Date: Tuesday, September 27, 2011, 12:04pm EDT
The Oxygen Biotherapeutics board terminated the contract of CEO Chris J. Stern because his resumé contained inaccuracies, particularly parts about his academic background, according to an audit committee report filed by the company.
Morrisville-based Oxygen (Nasdaq: OXBT), a medical and cosmetic products developer,made the initial announcement of Stern’s departure last month, but said only that the termination was “for cause,” without providing specifics.
In an audit report released as part of a U.S. Securities and Exchange Commission filing, Oxygen states that Stern claimed to have received a doctorate from Trinity University, based in San Antonio, when, in fact, he attended Trinity College & University.
Additionally, Stern does not teach at St. Gallen Business School in Switzerland, as he claims, but in fact at St. Galler Business School, the audit committee said.
“In both instances, Mr. Stern’s biographical statements inaccurately conveyed an association with more well-known and more highly-reputed institutions,” the committee wrote in its report.