Arrow International Fires CEO

Medical device maker Arrow International Inc. said Thursday its board of directors fired Chairman and Chief Executive Carl G. Anderson Jr., citing a loss of confidence in his leadership.

The company named former president and chief operating officer Philip B. Fleck, 63, to serve as interim president and chief executive. Fleck retired in January of 2005 after serving as president and chief operating officer since 1999.

Anderson was named CEO almost four years ago, the company said.

“During this period the company has repeatedly failed to meet the sales and earnings targets provided to the investment community as well as projections Mr. Anderson has provided to the board,” the company said in a statement.

The board of directors also named R. James Macaleer non-executive chairman.

Arrow said it expects full-year sales and profit targets to come in near the low end of its projections. In March, the company said it expected profit between $1.40 and $1.48 per share on revenue between $515 million and $525 million.

McNeil Trust, which owns about 10 percent of the company, will try to nominate five board members at the company’s annual meeting, on top of the three members it has already said it would nominate, the company said. The meeting is scheduled for Aug. 31.

Arrow said the trust is looking to elect enough directors to hold each seat on the board, despite only owning 10 percent of the company. The company said it will not try and block the attempt.

Shares of Arrow rose 26 cents to $38.35 in afternoon trading.

SOURCE: AP