Waters Corporation (NYSE/WAT) today announced that Douglas A. Berthiaume
has communicated his intention to retire as Chief Executive Officer of
the Company within the next twenty-four months.
The Board of Directors has appointed a Succession Planning Committee
that will guide the process of selecting a successor, and plans to
engage an executive search firm to assist in a search which will
consider both internal and external candidates.
Mr. Berthiaume, who is 64, was appointed President and CEO of Waters
Corporation in 1994 when the business was separated from Millipore
Corporation, and assumed the additional role of Chairman in 1996. During
his tenure, the Company has achieved a more than 500 percent increase in
revenues to $1.84 billion for the 2012 fiscal year, and a more than
twenty-five fold increase in its share price since the initial public
offering in 1995.
“It has been a joy and a privilege to oversee the progress Waters
Corporation has made over the past twenty years," Berthiaume said. "We
have developed and successfully commercialized many innovative
instrument platforms that have helped transform our industry while
improving human health, material science and the environment. Our future
is bright, our team is strong, and we remain focused on continuing to
grow the business and serve our customers well. I am committed to
playing an active role in assuring a successful transition.”
"We are grateful to Doug Berthiaume for his effective, energetic and
enduring leadership of Waters Corporation, and for the strong and stable
management team that has been assembled to operate the business
globally," the Board of Directors stated. "We look forward to a
thoughtful and deliberate process to select a new CEO and to a smooth
transition as the Company continues to execute the fundamental strategy
that has proven so compelling over time."
About Waters Corporation:
For over 50 years, Waters Corporation (NYSE/WAT)
has created business advantages for laboratory-dependent organizations
by delivering practical and sustainable innovation to enable significant
advancements in such areas as healthcare delivery, environmental
management, food safety, and water quality worldwide. Pioneering a
connected portfolio of separations science, laboratory information
management, mass spectrometry and thermal analysis, Waters Corporation's
technology breakthroughs and laboratory solutions provide an enduring
platform for customer success. With revenue of $1.84 billion in fiscal
year 2012, Waters Corporation is driving scientific discovery and
operational excellence for customers worldwide. For further information,
please visit www.waters.com.
CAUTIONARY STATEMENT
This release contains “forward-looking” statements regarding the future.
The Company’s actual future results may differ significantly from what
is discussed or suggested in the forward-looking statements within this
release for a variety of reasons, including and without limitation, a
revision in organizational/leadership transition plans, fluctuations in
expenditures by the Company’s customers, in particular large
pharmaceutical companies; introduction of competing products by other
companies and loss of market share; or pressures on prices from
competitors and/or customers.
Copyright Business Wire 2013