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Teleflex - Changing of the Guard

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Ursus:
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

Ursus:
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

Ursus:
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.

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...

Saimabaig:
great. hope it goes well enough

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