Harvard Bioscience Approves Spin-off, Appoints New CFO

Shortly after appointing a new CEO, Harvard Bioscience Inc. has hired a new chief financial officer (CFO), whose appointment coincides with the board’s approval of a spin-off of its wholly owned regenerative medicine device subsidiary, Harvard Apparatus Regenerative Technology Inc., or HART. The departing CFO Thomas McNaughton, who has performed his role as CFO since 2008, will take on the role of CFO for HART.

Robert E. Gagnon, a veteran financial executive, joins the company from Clean Harbors Inc., an environmental, energy and industrial services company where he was executive vice president, CFO and treasurer. Prior to this, he served in progressive executive positions at Biogen Idec Inc., a company that develops treatments in the areas of immunology and neurology. Earlier, he worked in a variety of senior positions at accounting firms Deloitte & Touche LLP, and PricewaterhouseCoopers LLP. He holds an M.B.A. from the Massachusetts Institute of Technology Sloan School of Management and a bachelor of arts degree in accounting from Bentley College in Waltham, Mass.

“Rob brings a tremendous amount of high-level financial experience from his tenures at companies both in and out of the life science arena, as well as extremely impressive academic credentials,” said Jeff A. Duchemin, CEO of Harvard Bioscience. “We are very fortunate to have him serve as our new chief financial officer at Harvard Bioscience. We believe Rob’s experience heading global finance operations, his successful completion of acquisitions and his overall business acumen will be a great asset to us as we continue to implement our growth strategy, which includes expanding our geographic footprint through organic growth and acquisitions. I would also like to thank Tom McNaughton for his excellent work as chief financial officer and for making this a seamless transition.”

“I have witnessed the need for ever-greater innovation in the life science apparatus and scientific instrument market, and I believe the worldwide demand will continue to grow in future years,” said Gagnon. “Harvard Bioscience is uniquely positioned to excel in this space under Jeff’s leadership. I look forward to serving as chief financial officer and working with Harvard Bioscience’s management as the company moves ahead.”

Harvard Bioscience will distribute all of its shares of HART common stock on a pro rata basis to those stockholders that hold Harvard Bioscience common stock at the close of business on October 21, 2013, the record date for the distribution. Each of these shareholders of Harvard Bioscience common stock will receive one share of HART common stock for every four shares of Harvard Bioscience they own by close of business on record date. The distribution will be effective as of November 1, 2013. As a result of the spin-off, Harvard Bioscience will no longer own any shares of HART common stock and HART will be an independent public company.