Beckman Coulter BEC (NYSE), the biomedical testing company, announced today that its CEO, President and Chairman, Scott Garrett, has resigned. Garrett, who has been CEO since 2005 found himself under increased pressure as the
firm failed to meet analysts expectations in it second quarter results. The firm has also found itself missing FDA quality standards on some its products. Back in June the company received a warning letter from FDA regarding the marketing of one its products. The combination of all these factors appears to have been what made for the resignation. Beckman Coulter’s stock took a hit a few months back and so far nothing has happened to make for the stock’s revival.
The company also announced that an interim CEO J. Robert Hurley a current employee would take charge as the firm’s interim CEO until a successor to Garrett is found. This executive change takes place as the company is still working on integrating the acquisition of Olympus’s diagnostic’s business into the firm. Hurley, the interim CEO
was directly involved in the Olympus integration. Hopefully, his expertise will come in helpful in making this integration more successful.The company can be expected to continue struggling to work out all these problems while the CEO search goes on. Investors should keep a very close eye on the firm’s moves going forward.
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