Teleflex Inc. has replaced its chief financial officer.
Following a little more than two years with the company, Richard A. Meier's employment with the company was “terminated” on March 9, according to a statement from the company.
Thomas E. Powell will take over the role. Powell joined the company last year as the vice president for global finance. Powell had previously worked as CFO for Tomo Therapy. He also served as the CFO of Textura Corp., a business solutions company, in 2008.
"Tom Powell joined our organization last year as part of our succession planning for key executive positions at Teleflex," said Benson Smith, president and CEO. "His contributions to our recent progress, combined with his background as CFO of two other publicly traded companies, as well as his medical technology industry experience, provide us with a very capable and seasoned executive to lead our finance organization as we implement our growth strategies."
The Limerick, Pa.-based company, has been growing its medical device business with more than 15 acquisitions since 1981. The firm divested its aerospace and cargo business in October last year for $280 million to an AAR Corp. It sold its marine business to an H.I.G. Capital affiliate for $121.6 million in March last year as well.
In a conference call discussing its fourth-quarter earnings last month, the company said it had made some cuts to its sales force in two areas to focus on areas where it would get the most leverage. Revenue was forecast to grow at 6.7 percent to $1.5 billion. Earnings per share rose 34 percent to $2.96.
The company has three specialty areas: critical care, surgical care and cardiac care, along with its overseas export market division.