Tecan Initiates CEO Succession Process
07.10.2011 | from Tecan Group Ltd.
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07.10.2011, The Tecan Group (SIX Swiss Exchange: TECN) today announced that the Board of Directors has initiated a succession process for the top management position. In the coming months, the Board of Directors will elect a new CEO who will continue implementing Tecan’s growth strategy. Thomas Bachmann, CEO of the Group since the beginning of 2005, will be closely involved in the process and hand over his position once a successor has been found. His employment with Tecan will contractually end as of October 31, 2012.
As part of the strategic re-alignment over the last two years, Tecan Group has refocused the business portfolio on its strong core areas, established a new organisation around the life sciences and partnering business segments, strengthened the top management and added new skills to the Board of Directors. Based on this solid foundation, Tecan is now commencing a succession process for the CEO.
Thomas Bachmann became CEO of Tecan Group at a time of declining results and serious pressure from regulatory authorities and shareholders. Under his leadership the company has improved operational effectiveness, established credibility, expanded new businesses, and he positioned the company with a long-term strategy. During his tenure, Tecan has achieved sales growth, improved earnings per share and built a strong balance sheet.
Rolf Classon, Chairman of Tecan Group: “Over the last seven years, Thomas Bachmann has been instrumental in achieving substantial progress for our firm. Forward-looking CEO succession planning is one of our prime responsibilities as Directors of the Board. We are convinced that this is the right time to initiate this process, with the foundation for future accelerated growth now being laid. By announcing it early, we are in a position to address this task transparently.”
Thomas Bachmann, CEO of Tecan Group: “In the coming months, we want to reach further milestones in important development projects in the end-user business as well as for our OEM partners. I am proud of what we have achieved together at Tecan so far and I am convinced that Tecan will have a successful future ahead.”
A conference call will take place today at 8:30 a.m. (CET). The call will also be relayed by live audio webcast, which interested parties can access at www.tecan.com. A link to the webcast will be provided immediately prior to the event.
Medienkontakt:
Tecan Group Ltd.
Seestrasse 103
8708 Männedorf
Tel. 044 922 81 11
Fax 044 922 81 12
info@tecan.com
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Source: Tecan Group Ltd., Press release