AZUSA, Calif. Physicians Formula has received a NASDAQ deficiency letter regarding NASDAQ's independent director requirement for continued listing.
As previously announced, Jeff Berry was appointed interim CFO, effective May 29. In conjunction with assuming that role, Berry resigned from the company's board of directors and from all of the committees of the board on which he served because, as an executive officer of the company, he is no longer an independent director.
The beauty company has until Nov. 25 to regain compliance with NASDAQ's independent director and audit committee requirements. The company stated that it is currently evaluating candidates and intends to fill the vacancy on the board and the audit committee before the deadline.