- After almost 37 years in the position
- Search for a successor
(exechange) — South Jordan, Utah, December 18, 2023 — Fred Lampropoulos, chief executive of Merit Medical, is set to leave his position. As announced by Merit Medical Systems Inc. in a news release on Monday, December 18, 2023, Fred P. Lampropoulos will leave his post as chief executive officer at the medical-devices company, after almost 37 years in the role, effective at the appropriate time.
It is the end of an era.
Merit Medical will undertake a search for a successor.
“Ability to identify and pursue new strategic opportunities”
Merit Medical did not give an explicit reason for Fred Lampropoulos’s planned departure from the CEO post. Ann Millner, Ed.D., Lead Independent Director, stated: “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. 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.”
Precise information regarding Fred Lampropoulos’s future plans was not immediately available.
Merit Medical said: “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.”
“Prepare the company for a CEO transition at the appropriate time”
Merit Medical further said: “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.”
“The company does not intend to provide further updates on the process until such time as a successor is designated,” the Company stated.
Share price increase since December 2018
The announcement follows an increase in Merit Medical Systems Inc.’s share price of 14% since December 2018.
In the position of CEO since 1987
Fred Lampropoulos became CEO of the Company in 1987.
- Chair of the Board, Chief Executive Officer (CEO) and President of the Company since its formation in 1987
- Chair of the Board and President of Utah Medical Products, Inc. (medical device manufacturer), 1983 to 1987
- Filed more than 300 domestic and international patents and applications on medical devices
- Serves on multiple community and advisory boards
- Recipient of numerous community and industry awards, including the 2019 Salt Lake Chamber of Commerce “Giant in the Company’s City” and 2003 and 2018 Utah Governor’s Medal for Science and Technology.
No statement by Fred Lampropoulos
The announcement does not include a statement by Fred Lampropoulos.
Push-out Score for Fred Lampropoulos’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Fred Lampropoulos was pushed out or felt pressure to leave his position.
exechange reached out to Merit Medical and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 52.2023 ($).