Author Topic: Teleflex - Changing of the Guard  (Read 2621 times)

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Offline Ursus

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Teleflex - Changing of the Guard
« on: March 02, 2011, 11:10:29 AM »
Chairman of Hyde School's Board of Directors (and former Hyde student) Jeffrey Black experiences changes in other of his positions of leadership:

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Philly.com PhillyDeal$
Monday, January 31, 2011

Boardroom coup replaces Teleflex boss and heir

Jeffrey Black has left his job as boss of Limerick-based mini-manufacturing conglomerate Teleflex Inc. "by mutual agreement" with Teleflex's board, Teleflex says here.

BensonB Smith, former president of medical-device maker CR Bard and a Teleflex director since 2005, has replaced Black (son of ex Teleflex boss Lennox Smith) as Teleflex CEO and chairman.

Teleflex in recent years has sold a series of electrical equipment businesses to concentrate more on medical device components.

Posted by Joseph N. DiStefano @ 8:27 AM


Copyright 2011 Philly.com
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Offline Ursus

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Teleflex Names Board Member Benson Smith Chairman, President
« Reply #1 on: March 02, 2011, 11:56:27 AM »
A News Release from Teleflex's website:

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Teleflex Names Board Member Benson Smith Chairman, President and CEO upon Resignation of Jeffrey Black

Company Reaffirms 2010 Earnings Guidance

LIMERICK, Pa., Jan 31, 2011 (BUSINESS WIRE) --


Teleflex Incorporated (NYSE: TFX) today announced that Benson F. Smith, 63, a Teleflex Board member since 2005, has been named Chairman, President and Chief Executive Officer, effective immediately. He replaces Jeffrey P. Black, 51, who has resigned by mutual agreement with Teleflex's Board of Directors.

Smith spent 25 years at C.R. Bard, Inc., a leading multinational medical device company, most recently as President and Chief Operating Officer and a member of the Board of Directors. Smith is also Chairman of the Board of Directors of Zoll Medical Corporation and a Board member at Rochester Medical Corporation.

William R. Cook,Lead Director of Teleflex, said, "We are extremely pleased that Benson Smith has agreed to lead Teleflex at this important time in our development. With his extensive experience in healthcare and medical device businesses, the Board is confident he is ideally suited to take Teleflex to the next level by building on our strong medical device platform. A member of our Board since 2005, Benson is intimately familiar with our business, our company and our leadership team. He has been instrumental in providing guidance and support in connection with the development and execution of the Company's strategic plan. We are very fortunate to have someone of his stature immediately available to us and anticipate a seamless transition."

Smith said, "I'm delighted to assume the CEO role as Teleflex completes its evolution from a diversified industrial company to a pure-play medical device company. This team has great talent, and we will work together to capitalize on our many growth opportunities. I'm also grateful for all the good work Jeff Black has done to set the stage for this next chapter."

Cook continued, "On behalf of the entire Board, I want to thank Jeff for his nearly 10 years of service as CEO of Teleflex and for his willingness to assist in this leadership transition. Jeff was instrumental in transforming the company, and we appreciate his efforts to help position Teleflex for this next phase of growth. We wish him well in his future endeavors."

Reaffirms 2010 Earnings Guidance

Teleflex today reaffirmed its 2010 earnings guidance that was announced on November 29, 2010. The company continues to expect total revenues of approximately $1.78 billion and diluted earnings per share from continuing operations excluding special items in the range of $3.85 to $3.95. The Company will release its fourth quarter and fiscal 2010 financial results with 2011 guidance on February 24, 2011 after market close.

Investor Call

Teleflex will hold a conference call to discuss today's announcement at 9:00 a.m. (ET). The call will be available by dialing 800-561-2693 (U.S./Canada) or 617-614-3523 (International), Passcode: 68304269 and on the Company's website at http://www.teleflex.com. An audio replay will be available until February 7, 2011, 11:59 p.m. (ET), by calling 888-286-8010 (U.S./Canada) or 617-801-6888 (International), Passcode: 67679856.

About Teleflex Incorporated

Teleflex is a global provider of medical technology products that enable healthcare providers to improve patient outcomes, reduce infections and support patient and provider safety. Teleflex, which employs approximately 12,800 people worldwide, also has niche businesses that serve segments of the aerospace and commercial markets with specialty engineered products. Additional information about Teleflex can be obtained from the Company's website at http://www.teleflex.com.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements relating to 2010 revenue and adjusted earnings per share guidance. Actual results could differ materially from those in these forward-looking statements due to, among other things, conditions in the end markets we serve, customer reaction to new products and programs, our ability to achieve sales growth, price increases or cost reductions; our ability to realize efficiencies; changes in material costs and surcharges; unanticipated difficulties in connection with consolidation of manufacturing and administrative functions; unanticipated difficulties, expenditures and delays in complying with government regulations applicable to our businesses, including unanticipated costs and difficulties in connection with the resolution of issues related to the FDA corporate warning letter issued to Arrow; our ability to meet our debt obligations; changes in general and international economic conditions; and other factors described in Teleflex's filings with the Securities and Exchange Commission, including our Annual Report on Form 10K.

SOURCE: Teleflex Incorporated

Investors
Teleflex Incorporated
Jake Elguicze, 610-948-2836
Vice President Investor Relations
or
Media
Sard Verbinnen & Co
Stephanie Pillersdorf/Marisa Bricca, 212-687-8080



2011 Teleflex Incorporated
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Offline Ursus

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After long history with Teleflex, CEO Black resigns
« Reply #2 on: March 09, 2011, 01:24:26 PM »
And... another article from the Philadelphia Business Journal:

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After long history with Teleflex, CEO Black resigns

Philadelphia Business Journal - by Natalie Kostelni, Staff Writer
Date: Monday, January 31, 2011, 1:22pm EST


The head of Teleflex Inc. has unexpectedly resigned, and has been replaced by a one of the company's directors.

Jeffrey P. Black, 51, resigned by "mutual agreement" with the company from his posts of chairman, president and chief executive officer as well as from the board of directors.

Black was replaced with Benson F. Smith, who will serve as Teleflex's chairman, president and CEO. Smith, 63, has been a director of Teleflex since 2005 and currently serves as chair of the compensation committee. Smith is the managing partner for Sales Research Group, a research and consulting organization. Since 2000, Smith has also been the CEO of BFS & Associates, which specializes in strategic planning and venture investing.

Black's departure came as a surprise since he and his family have a very long history with Teleflex. His father, Lennox Black, was chairman of the board beginning in 1982 and served as its president and CEO for 47 years beginning in 1971.

During Lennox Black's tenure, Teleflex grew significantly from a small niche player in the aerospace market to a diversified global company serving medical, aerospace, marine, industrial and automotive markets. In 1971, when he became president and CEO, Teleflex had annual revenues of $25 million and operations in three countries. When he left, it had $2.5 billion in annual revenues.

The elder Black retired in May 2006. The younger Black was appointed president in 2000 and CEO in 2002. He was given the title of chairman in 2006 when his father retired. He was initially appointed to the board in 2002. Jeffrey Black held various senior positions for more than two decades with the Limerick, Pa., company before taking the helm.

Teleflex (NYSE:TFX) has changed since the younger Black took over. It has spun off and sold many of its companies and focused on medical technology and devices.

It has more than 12,000 employees and had $1.9 billion in revenue in 2009.

In connection with Jeffrey Black's resignation, the board has determined to reduce the size of the board by one director rather than fill the vacancy created by his departure. He will receive $5.4 million cash as severance that will be paid over three years plus other benefits.

Smith worked for C.R. Bard Inc., a company specializing in medical devices, for approximately 25 years, where he held other executive and senior level positions. He sits on the boards of Rochester Medical Corp. and Zoll Medical Corp.

In a conference call this morning, Bill Cook, a director, said the company had ongoing discussions about "the next logical step" in leadership to manage the company now that it has made the transition to focusing on medical and health related devices. The board had plans to bring in someone from the health-care industry.

"We felt this was the time," Cook said, earlier adding that: "Bensen is uniquely qualified for the job."

By bringing someone in internally, the company will go through a seamless transition, Cook said, and "Bensen can hit the ground running."

The call didn't answer all of the questions about why Black will leave the company entirely, or exactly why the time was now to appoint someone new.


2011 American City Business Journals, Inc.
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Offline Ursus

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Re: Teleflex - Changing of the Guard
« Reply #3 on: April 15, 2011, 01:01:16 AM »
I'm curious to see how this plays out vis a vis Hyde School. Over the years, the Black family and Teleflex have sunk a considerable amount of money into, and wielded no small degree of influence over, the outcome of certain policy decisions of some importance...
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Offline Saimabaig

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Re: Teleflex - Changing of the Guard
« Reply #4 on: October 13, 2011, 09:19:12 PM »
great. hope it goes well enough
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Offline Anonymous

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Re: Teleflex - Changing of the Guard
« Reply #5 on: February 25, 2012, 01:04:51 PM »
Quote from: "Ursus"
I'm curious to see how this plays out vis a vis Hyde School. Over the years, the Black family and Teleflex have sunk a considerable amount of money into, and wielded no small degree of influence over, the outcome of certain policy decisions of some importance...
http://www.fornits.com/phpbb/viewtopic. ... 37#p414337

Wonder if those were complicit in this http://www.fornits.com/phpbb/viewtopic. ... 37#p414337
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Offline none-ya

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Re: Teleflex - Changing of the Guard
« Reply #6 on: February 25, 2012, 02:10:49 PM »
Is this the same Teleflex that makes marine steering cables and controls?
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??~@

Offline Xelebes

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Re: Teleflex - Changing of the Guard
« Reply #7 on: February 25, 2012, 07:11:50 PM »
Teleflex appears to manufacture a bunch of things.  Marine equipment, military aeronautic equipment, pneumatic equipment, and so forth.  Military equipment does ring quite the bell, doesn't it?
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Offline Ursus

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Re: Teleflex - Changing of the Guard
« Reply #8 on: February 26, 2012, 04:09:59 PM »
Quote from: "none-ya"
Is this the same Teleflex that makes marine steering cables and controls?
Yes!
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Offline Ursus

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Re: Teleflex - early early days
« Reply #9 on: February 26, 2012, 05:24:28 PM »
Quote from: "Xelebes"
Teleflex appears to manufacture a bunch of things.  Marine equipment, military aeronautic equipment, pneumatic equipment, and so forth.  Military equipment does ring quite the bell, doesn't it?
Well... they could possibly have been described as war profiteers during World War II; certainly they did quite well by it. Their main focus at the time (to my knowledge) was the burgeoning aeronautics industry.

The parent company (of which Teleflex appears to have been a spinoff) was E. S. & A. Robinson of Bristol, U.K., whose primary products have historically been related to the paper industry, i.e., paper, and sundry types of bags and boxes.

However, Robinson also bought up other businesses which were similar or had to do with the manufacturing and design of not only their products, but also of the machinery that made their products. I believe it was in this fashion that they may have acquired the technology for the Teleflex cable, originally devised by two British pilots in the 1930s.

Although Teleflex is not mentioned in this short history, it gives a good overview of the family from which it apparently sprung:

    ROBINSONS OF BRISTOL 1844-1944, by Bernard Darwin,* with a Foreword by Foster G. Robinson** (E. S. & A. Robinson Limited, Bristol, 1945).[/list]


      *
    Bernard Darwin: first grandson of Charles Darwin; allegedly brought up by Charles and Emma Darwin due to his mum's early death.[/list]
      **
    Sir Foster Gotch Robinson: uncle and mentor of one of the (named) partners who founded Teleflex in Canada in the mid 1940s (fwiw, E. S. & A. Robinson (Canada) Ltd was founded in Toronto in 1932). Iirc, the other named partner was a brother-in-law.

    Foster Robinson was more than a little involved with Teleflex; he was on the board and held onto substantial shares.[/list][/size]
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    Offline Anonymous

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    Re: Teleflex - early early days
    « Reply #10 on: February 26, 2012, 06:25:28 PM »
    Quote from: "Ursus"
    Quote from: "Xelebes"
    Teleflex appears to manufacture a bunch of things.  Marine equipment, military aeronautic equipment, pneumatic equipment, and so forth.  Military equipment does ring quite the bell, doesn't it?
    Well... they could possibly have been described as war profiteers during World War II; certainly they did quite well by it. Their main focus at the time (to my knowledge) was the burgeoning aeronautics industry.

    The parent company (of which Teleflex appears to have been a spinoff) was E. S. & A. Robinson of Bristol, U.K., whose primary products have historically been related to the paper industry, i.e., paper, and sundry types of bags and boxes.

    However, Robinson also bought up other businesses which were similar or had to do with the manufacturing and design of not only their products, but also of the machinery that made their products. I believe it was in this fashion that they may have acquired the technology for the Teleflex cable, originally devised by two British pilots in the 1930s.

    Although Teleflex is not mentioned in this short history, it gives a good overview of the family from which it apparently sprung:

      ROBINSONS OF BRISTOL 1844-1944, by Bernard Darwin,* with a Foreword by Foster G. Robinson** (E. S. & A. Robinson Limited, Bristol, 1945).[/list]


        *
      Bernard Darwin: first grandson of Charles Darwin; allegedly brought up by Charles and Emma Darwin due to his mum's early death.[/list]
        **
      Sir Foster Gotch Robinson: uncle and mentor of one of the (named) partners who founded Teleflex in Canada in the mid 1940s (fwiw, E. S. & A. Robinson (Canada) Ltd was founded in Toronto in 1932). Iirc, the other named partner was a brother-in-law.

      Foster Robinson was more than a little involved with Teleflex; he was on the board and held onto substantial shares.[/list][/size]
      :tup:
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      Offline Anonymous

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      Re: Teleflex - Changing of the Guard
      « Reply #11 on: March 02, 2012, 09:25:10 AM »
      So, what did these people have on him? He didn't just step down.

      Find out what that is, and see if it can help us
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      Offline Ursus

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      Re: Teleflex - Changing of the Guard
      « Reply #12 on: March 06, 2012, 11:44:41 PM »
      Quote from: "Wayne Kernochan"
      So, what did these people have on him? He didn't just step down.

      Find out what that is, and see if it can help us
      Oh, I'm sure there was a good reason for it, but it's not like I'm privy to such things. After all, I am not ... my brother's keeper. ... ;D
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      Offline Anonymous

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      Re: Teleflex - Changing of the Guard
      « Reply #13 on: March 07, 2012, 12:14:32 AM »
      :tup:
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      Offline Ursus

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      "Robinsons of Bristol" - Foreword, Author's Foreword
      « Reply #14 on: March 16, 2012, 05:08:21 PM »
      Quote
        ROBINSONS OF BRISTOL 1844-1944, by Bernard Darwin,* with a Foreword by Foster G. Robinson** (E. S. & A. Robinson Limited, Bristol, 1945).[/list]
        Here's that Foreword by Foster G. Robinson (p. vii), and also the Author's Foreword by Bernard Darwin (p. ix)...



        [Does the first paragraph perchance portend of Teleflex's later meddling ... in the politics of character? ... ;D ]

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          FOREWORD[/list]

          ROBINSONS OF BRISTOL is the story of a business started by the rugged individuality and strong character of a man of the old liberal nonconformist school, a character typical of those times so truthfully portrayed in Arthur Bryant's English Saga.

          Since the days of the founder many men have played their part, foreseeing and adapting the business to changing economic conditions. In a record of this kind, as far as recent history is concerned, they must remain unnamed.

          It was not possible to publish this book during the war, but I hope that it may yet prove of interest to those who have known the firm and who have been connected with its progress.

          I should like to pay my tribute to the untiring work of Mr. Ernest H. Bibbing, for many years our head artist, who collected most of the information from which the story is written.

          I should also like to take this opportunity of thanking Mr. Bernard Darwin for the great interest he has taken in the history of the firm and for the happy way in which he has put the narrative into words.

          < Foster G. Robinson signature >

          September, 1945.

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            AUTHOR'S FOREWORD[/list]

            IT has been a great pleasure to essay some account of a remarkable business, the greater because I dare to call several members of the Robinson family my friends. I am very grateful for the chance, but that alone would hardly justify a foreword from me. There is, however, one piece of gratitude that cannot be stifled: it must out. Mr. E. H. Bibbing, an old friend and secant of the company, has gathered the straw with which I have tried to make bricks. Indeed I cannot help feeling that the voice is Jacob's voice but the hands that did the work are the hands of Esau. That it was a labour of love on his part I know well, but it involved much research and was accomplished with infinite if happy pains. Mr. Bibbing has put his accumulated results at my disposal and has been generous, helpful and encouraging in every possible way. I am extremely sensible of his kindness and wish to declare my debt to him with the most heartfelt emphasis of which I am capable,

                                                                                                                           B. D.
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