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Board To Commence Search for Successor;
Appoints J. Robert Hurley Interim President and CEO;
Lead Independent Director Glenn S. Schafer Appointed Non-executive Chairman of the Board
ORANGE COUNTY, Calif., Sept. 7 /PRNewswire-FirstCall/ -- Beckman Coulter, Inc. (NYSE: BEC), a leading developer, manufacturer, and marketer of products that simplify, automate, and innovate complex biomedical testing, today announced that Scott Garrett has resigned as Chairman, President and CEO, effective September 6, 2010. Garrett will continue as a full-time non-executive employee of the company through January 15, 2011, focusing his attention on aiding the Board of Directors during this transition.
The Board appointed J. Robert Hurley interim President and CEO, effective September 6, 2010, and will initiate a search for a successor. Hurley, who has served as the company's senior vice president, human resources and chairman of Beckman Coulter Japan, joined the company in 2005, and most recently led the successful integration of the Olympus acquisition. Prior to joining Beckman Coulter, he was an executive with Baxter International, leading its operations in Asia for more than 8 years.
Glenn S. Schafer, lead independent director, was appointed by the Board to the post of Non-executive Chairman.
Garrett said, "Over the past eight years, five of them as CEO, I've had the pleasure and privilege to lead the company through many significant improvements. Today, the company continues making good progress, even in a very challenging environment. I am proud of all the employees at Beckman Coulter and believe the Company is positioned to achieve its long term potential."
Schafer said, "The Board appreciates Scott's contributions to the company's success. We are pleased that Bob Hurley has agreed to step in on an interim basis. We remain confident in and supportive of the company's management team and are committed to our strategy of leadership in biomedical testing and superior customer service. Our initiatives to address previously disclosed quality issues are proceeding and we are continuing to invest in opportunities to build shareholder value and further strengthen our ability to meet the needs of our customers."
About Beckman Coulter, Inc.
Beckman Coulter, Inc., based in Orange County, California, develops, manufactures and markets products that simplify, automate and innovate complex biomedical tests. More than 200,000 Beckman Coulter systems operate in laboratories around the world, supplying critical information for improving patient health and reducing the cost of care. Recurring revenue, consisting of consumable supplies (including reagent test kits), service and operating-type lease payments, represent about 80 per cent of the company's 2009 revenue of $3.3 billion. For more information, visit www.beckmancoulter.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "should," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include information regarding the company's expectations, goals or intentions regarding the future.
Forward-looking statements included in this press release involve certain risks and uncertainties and are based on management's current expectations, estimates, forecasts and projections about the company and are subject to risks and uncertainties, some of which may be beyond the company's control, that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, legal and regulatory changes, oversight or other activities, product quality and regulatory compliance requirements, including new 510K clearances for the use of our Troponin I test on our immunoassay systems, and the cost and time factors involved, FDA actions including recalls, warning letters and fines, failures in our internal processes and systems, the effects of healthcare reform; our ability to compete effectively; changes in laws and regulations; market demand for the company's new and existing products; intellectual property infringement claims by others and our ability to protect the company's intellectual property; difficulty in obtaining materials and components for our products; consolidation of our customer base, formation of group purchasing organizations and changes in customer inventory levels and inventory management practices; reductions in government funding to our customers; foreign currency exchange fluctuations; global market, economic and political conditions and natural disasters; costs associated with our supply chain initiatives; tax risks and regulations; changes in the value of our investment in marketable securities; and our ability to successfully acquire and integrate acquired businesses and realize the anticipated benefits from such acquisitions. Additional factors that could cause actual results to differ are discussed in Part I, Item 1A (Risk Factors) of the company's Form 10-K filed with the SEC on February 22, 2010 as well as in the company's quarterly report on form 10-Q filed since then and reports on Form 8-K. Therefore, the reader is cautioned not to rely on these forward-looking statements. Forward-looking statements contained in this press release are made only as of the date hereof, and we undertake no obligation to update these disclosures except as required by law.
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