Merit Medical Systems (Nasdaq:MMSI) announced that Fred Lampropoulos, its founder, CEO and president, intends to retire in two years.
The company outlined its ongoing CEO succession plan process with an amended and restated employment agreement. Lampropoulos intends to continue to serve as president and CEO through Dec. 31, 2025.
To carry out its CEO succession responsibilities, the Merit board appointed a special steering committee of independent directors. Ann Millner serves as lead independent director of the committee overseeing the plan in preparation for the CEO’s retirement.
According to a news release, Merit plans to prepare the company for a CEO transition “at the appropriate time.” It enlisted executive search firm Korn Ferry to assist the board in identifying potential internal and external candidates.
Merit said it doesn’t intend to provide further updates on the process until it picks a successor.
“My fellow directors and I are committed to identifying a successor with the capabilities inherent to Merit’s leadership requirements, including the ability to identify and pursue new strategic opportunities, attract and retain key talent, and build on the tradition of innovation that has been a hallmark of the company’s success, Millner said. “We are focused on implementing a thoughtfully developed CEO succession plan that will maintain valued aspects of Merit’s culture and position the company for future growth, development, and value creation.”
Merit, based in South Jordan, Utah, develops disposable medical devices.