Teleflex (NYSE: TFX) announced today that Chair, President and CEO Liam Kelly is departing the company, effective immediately.
Wayne, Pennsylvania–based Teleflex appointed Stuart Randle, a member of its board, as interim CEO, following Kelly’s departure. It did not give a reason for Kelly’s leaving, but an SEC filing states that Kelly is a party to an existing severance agreement. Along with Randle’s interim appointment, the company named Dr. Stephen Klasko, its lead director, as chair of the board.
Teleflex’s board engaged leading search firm Spencer Stuart to assist in a search process to find a permanent CEO.
A leadership transition comes at an interesting time for Teleflex, which just last month agreed to two separate deals that would see its Acute Care, Interventional Urology and OEM businesses sold for a combined $2.03 billion.
In February 2025, Teleflex announced its plans to separate the businesses into a publicly traded company. However, it instead opted to sell the units. The remaining businesses include the Teleflex Vascular Access, Interventional and Surgical businesses. Kelly was slated to lead the remaining Teleflex businesses.
Now, Randle will lead the business for the time being. A member of the Teleflex board since 2009, he brings more than 35 years of medical device experience. He retired from Ivenix in 2018, where he served as CEO for three years. Before that, he served as president and CEO of GI Dynamics for 10 years.
Commentary from Teleflex officials
Klasko said in a news release:
“With the announced sale of our Acute Care, Interventional Urology and OEM businesses, Teleflex is entering its next phase as a more focused, higher-growth organization, as well as executing on the announced transactions and focusing on core critical care and high-acuity hospital markets. The board determined this is the right time to transition leadership and best position the company for the future. Stuart brings over 35 years of deep medical device leadership and long-standing familiarity with Teleflex as a Board member, and we are confident he will lead effectively during this period.”
“On behalf of the entire Board, I want to thank Liam for his many contributions to Teleflex over the past 16 years. He has been an important force in driving growth internationally and fostering a purpose-driven company culture focused on excellence, innovation and transparency. We wish him all the best.”
Randle added:
“I’m pleased to serve as Teleflex’s interim CEO and work alongside the talented leadership team, as well as Steve and the board, to advance our transformation, drive growth and create value for our stakeholders,” said Mr. Randle. “I’m encouraged by the progress we’ve made, including the recently announced transactions, and see great potential ahead. Our leadership team remains focused on execution and continuity, and I look forward to leading Teleflex during this time of transition.”
Company updates on preliminary 2025 results
Teleflex said that it currently expects revenue for the full year 2025 to range between $3.27 billion and $3.278 billion. That marks a decrease from the previous range of $3.305 billion to $3.32 billion.
The company attributed the reduction to softer-than-expected demand for intra-aortic balloon pumps and catheters in the U.S. and Asia at the end of the year. It also noted delays in certain purchase orders in its OEM business. Additionally, the company reports lower overall order volumes across certain portfolios, falling short of expectations.
Teleflex expects to report its fourth-quarter and full-year 2025 results in late February/early March.
Shares of TFX fell more than 12% to $110.56 apiece by midday trading today
