Impax Laboratories (NASDAQ:IPXL) is now in the hunt for a new chief executive. The company announced that the man currently occupying that position, Larry Hsu, is to retire. He will remain with the company in that capacity and as president until a replacement is appointed. After that happens, Hsu will stay on as a board member at the company.

In the press release announcing the news, Impax said its board has convened a three-man search committee to search for and evaluate potential CEO candidates. Hsu sits on that committee, as does board chairman Bob Burr.

The new CEO will have plenty of work to do. Impax quoted Burr as saying that at present the company "remain[s] focused on our highest corporate priority, promptly and successfully addressing our FDA compliance, while simultaneously continuing to execute on our core competencies in drug delivery expertise, formulation technology, and our extensive experience in product development."

Hsu is a co-founder of Impax. He was named CEO in 2006.

Fool contributor Eric Volkman has no position in Impax Laboratories. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.