etrials implements reorganization, cuts chief operating officer post

Morrisville, N.C. — Peter Benson, who joined etrials as part of the new management team put in place by Chief Executive Officer Chip Jennings last fall, has left the company as part of a corporate restructuring.

etrials (Nasdaq: ETWC) announced a streamlining of operations on Monday. However, news that Benson was out as COO, was only disclosed in a filing with the Securities and Exchange Commission on April 30.

“On April 30, 2008, we eliminated the position of principal operating officer.,” the company said in the filing. “Peter Benton, who held that position, ceased to be employed by us at that time.

On March 21, the company’s board set Benton’s salary at $225,000 and outline guidelines under which he could receive a cash bonus of more than $50,000 as well as nearly 25,000 shares of company stock.

etrials provides a variety of technology tools and services for use in life science patient trials. In its statement Monday, etrials said an automation tool development was “ahead of schedule.” As a result the company said it would streamline its operations.

Benton joined etrials on an interim basis last spring after Chief Executive Officer Chip Jennings was hired to replace company founder and CEO John Cline. Benton took on the COO job on a full-time basis last fall.
"After being here for a few months, it was an easy decision to join the company full-time," Benton said at the time.

In Monday’s announcement, etrials said it had reorganized the company into two groups – technology and services delivery. Chuck Piccirillo will lead the technology group, and Stuart Thiede will direct service delivery.