Biosensors International (SGX:B20) named Jose ("Pepe") Calle Gordo as its new CEO, effective in November, replacing Jack Wang, who will become the Singapore-based medical device company’s chief technology officer.
Chairman Yoh-Chie Lu will serve as interim CEO during the transition, according to a press release.
Calle’s 25-year résumé includes stints at Abbott (NYSE:ABT), Guidant (later acquired by Boston Scientific (NYSE:BSX)) and Eli Lilly (NYSE:LLY). At Abbott, he led the team that developed the Xience drug-eluting stent and the commercial introduction of the Absorb bioresorbable stent and the MitraClip mitral valve repair device, according to a press release.
"Dr. Wang’s vision and dedication have played a significant role in our transformation from a small medical device company to an internationally recognized and profitable corporation. We want to thank him for his significant contributions," Lu said in prepared remarks. "Mr. Calle, with his expertise in the drug eluting stent industry and extensive international experience, will lead the future growth of Biosensors as it evolves from a successful entrepreneurial company to a more diverse and structured international organization. I will work with the rest of the management team as interim CEO to ensure a smooth transition and execute the growth strategies set up by our board."
"I am delighted to be joining Biosensors as CEO," added Calle. "With my experience in leading the development and commercial success of innovative new medical products across the globe, I am confident that I can help Biosensors strengthen its position in the worldwide drug eluting stent market, develop innovative technologies to broaden its product portfolio, and steer the Company onto the path of becoming a bigger international player with multiple product platforms."
In a separate release, Biosensors reported profit declines for both the 4th quarter and 2013. Profits were $6.1 million, or 36¢ per share, on sales of $81.6 million for the 3 months ended March 31, representing a bottom-line plunge of -79.5% on a sales decline of -8.1% compared with Q4 2012. Full-year adjusted profits were $45.5 million, or $2.64 per share, on sales of $323.8 million, for a profit decline of -59.2% on a -3.7% sales slide compared with 2012.
"In light of the changing market dynamics, Biosensors is transitioning from a successful entrepreneurial company to a more diverse and structured international organization," Lu said in a statement. "We need to optimize efficiency and productivity for our existing businesses in current markets while maintaining our creativity and entrepreneurial spirit in areas with growth potential, including expanding our product portfolio, penetrating new markets, and developing new applications for our products. We believe our newly appointed CEO and the rest of the management team are well qualified to lead the company through this significant transition and bring it back to its previous growth trajectory. With our strong financial resources and the strategic direction that the board has recently set forth, we are confident that we can strengthen the company’s fundamentals and operations to further grow our business."
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