Merit Medical Announces Process for Chief Executive Officer Succession Planning
SOUTH JORDAN, Utah, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ:MMSI), a leading global manufacturer and marketer of healthcare technology, today outlined the ongoing succession planning process for its Chief Executive Officer (CEO). Pursuant to an Amended and Restated Employment Agreement, effective June 8, 2023, Merit founder, CEO, and President, Fred Lampropoulos, will continue to serve as Merit's CEO and President through December 31, 2025.
To carry out its responsibility for CEO succession, the Merit Board of Directors appointed a special steering committee of independent directors led by Ann Millner, Ed.D., Lead Independent Director. The committee is developing and providing oversight of a succession plan in preparation for Mr. Lampropoulos' retirement. The plan is also intended to prepare the company for a CEO transition at the appropriate time. Korn Ferry, a leading executive search firm, is currently assisting Merit's Board of Directors in the process of identifying potential internal and external candidates.
"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," said Dr. Millner. "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."
The company does not intend to provide further updates on the process until such time as a successor is designated.
ABOUT MERIT MEDICAL Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling more than 700 individuals. Merit employs approximately 7,100 people worldwide.
TRADEMARKS Unless noted otherwise, trademarks and registered trademarks used in this release are the property of Merit Medical Systems, Inc., its subsidiaries, or its licensors.
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