AZUSA, Calif. — The board of Physicians Formula Holdings Inc. has elected Thomas Lynch as a director.
The prestige cosmetics maker said Thursday that Lynch, the founder and senior managing director of investment fund Mill Road Capital, will serve as an independent director, effective immediately. Physicians Formula noted that Mill Road is a creditor and the company’s largest stockholder, owning 18% of its common shares.
Lynch has also been elected to the board’s Compensation and Nominating and Corporate Governance committees.
"We are very excited that Tom has accepted our invitation to join the board," Physicians Formula chairman and chief executive officer Ingrid Jackel said in a statement. "Tom’s long-standing dedication to the success of our company, as well as his strategic and financial skills, will make him a valuable member of our team. I know Tom views the prospects for growth as strongly as I do, and I look forward to working with him to invest appropriately in our brand and our company over both the short and long-term."
Lynch’s term is slated to expire at the annual shareholder meeting on June 3, at which time he will stand for election to the board, according to Physicians Formula.
"I am very pleased to be joining the board of directors of Physicians Formula," Lynch commented. "I have been a believer in the company’s prospects and in the leadership of Ms. Jackel for years, and I now look forward to working more closely with the management team to drive long-term growth in the brand. The company’s innovation track record, its well-defined brand and product positioning and its strong consumer loyalty are all assets that I will help Physicians Formula leverage for its continued success."
Physicians Formula said its premium cosmetics are designed to address skin imperfections through a problem-solving approach, rather than focusing on changing fashion trends. The products are sold in such mass retail chains as CVS, Rite Aid, Wal-Mart and Target.