PhillyInc: Fulton Financial adds woman to board

Posted: October 30, 2012

As the Forum of Executive Women has documented for several years, the number of women serving on Philadelphia-area corporate boards has grown, but remains paltry.

Women account for a little more than 11 percent of the board seats on 100 of the largest public companies.

Many companies still have no female board members. Briefly, Fulton Financial Corp. was one of them. But as of Dec. 17, the Lancaster bank holding company will change that.

Earlier this month, Fulton named Denise L. Devine, a small-business woman from Media, as a new addition to its 13-member board of directors. Devine, 57, is a former Campbell Soup executive who has founded food-related start-ups.

Currently, she is the chief executive of Froose Brands L.L.C., which makes a line of children's beverages and snacks that are whole-food-based, low-sugar, and gluten-free. Devine is also CEO of Nutripharm Inc., which generated a portfolio of patents from food-related research.

Devine, an accountant, will serve on the audit and human-resources committees of Fulton, which has $2.2 billion in deposits at 42 branches in the eight-county Philadelphia area.

Though Fulton's board is currently all-male, the bank has had female directors. Most recently, Dana A. Chryst, owner of a Lancaster marketing-fulfillment company, served on the board of the holding company from 2008 until Jan. 17.

Going to L.A.

People often relocate for new jobs. Small companies do, too, when they attract significant financing.

Quantason L.L.C., one of the region's local life-sciences companies, recently raised $3.2 million, but in the same announcement it said that it would be moving west.

The company, which is developing screening technology for early detection of premalignant breast lesions, announced that it had raised money from a group of individual investors, including Carolyn Bivens, a former commissioner of the LPGA, and Peter Seidel, a former partner at Madison Tyler.

Bivens and Seidel also joined the board of the small company, which is trying to expand the capabilities of ultrasound systems.

Quantason president and CEO Edmond Rambod said his company located in Philadelphia three years ago in part to tap the available talent in the ultrasound field. Now, since many of its investors are based in California, Quantason plans to move to Los Angeles from the Navy Yard in November.

 


Contact Mike Armstrong

at 215-854-2980 or marmstrong@phillynews.com, or @PhillyInc on Twitter. Read his blog, "PhillyInc," at www.phillyinc.biz.

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