HAMILTON, N.J. Ascendia Brands, which acquired in early 2007 the Calgon and healing garden brands from Coty Inc., has announced that Joseph Falsetti has resigned as executive chairman and as a member of its board of directors.
Ascendia and Falsetti have entered into a Separation Agreement under which Falsetti agreed to the termination of his employment agreement entered into on Feb. 12, 2007, and forfeited rights to certain incentive stock options, in return for mutually agreed-upon severance payments, the company stated.
Ascendia Brands, a player in the value and premium value segments of the health and beauty care products sector, expanded in 2005 its range of product offerings through the acquisition of a series of brands, including Baby Magic, Binaca, Mr. Bubble and Ogilvie. In February 2007, it acquired the Calgon and the healing garden brands.