Psychemedics Corporation announced that on July 12, 2023 Raymond C. Kubacki, the Company’s Chairman, Chief Executive Officer and President notified the Company that he will retire as Chairman Chief Executive Officer and President effective August 17, 2023 coincident with the Annual Meeting of Stockholders on such date. On July 12, 2023, the Company announced Brian Hullinger as the new President and Chief Executive Officer of the Company, to take effect on August 17, 2023. He has also been nominated to be elected as a director of the Company at the Annual Meeting of Stockholders to be held on August 17, 2023.

Mr. Hullinger has served in a variety of sales and executive leadership roles over the past 30 years, most recently as Chief Revenue Officer of Cisive Inc., a risk assessment, administrative support and workforce solutions company, since 2018. From 2016 to 2018, he served as CEO of E-Verifile.com Inc. which was sold to Cisive in 2018. From 2012 until 2016 Mr. Hullinger served in various leadership positions with First Advantage Corporation, an information technology company.

From 1991 until 2012 he served in various revenue growth roles with Social Solutions Inc., a management software company, Norstan Communications Inc. (now doing business as BlackBox Network Services), a telecommunications equipment provider, and Automatic Data Processing Inc.