12.02.13
ICU Medical Inc. is losing its leader.
President/CEO Dr. George Lopez has resigned from his position due to health reasons and will instead assume a new role in the company's research and development department. Lopez will remain board chairman.
Steven Riggs, currently the vice president of operations, will serve as acting CEO while the board searches for a permanent replacement.
"Doc is the founder of the company and has served as its chairman of the board, president and CEO since 1989," said Dr. Michael Kovalchik, lead director of ICU Medical. "He is one of the rare individuals who has been able to transition from entrepreneur to business leader and will now have the opportunity to focus his efforts on the development of new products for the company. Doc's extraordinary vision and leadership turned ICU Medical into a provider of innovative medical devices and has our company positioned for long-term growth and profitability. Doc has made numerous contributions to ICU Medical including creating a leading, low-cost manufacturing process, as well as greatly expanding our existing suite of products. We are pleased that Doc will remain active in helping us develop our next generation of medical products."
Lopez said he is looking forward to becoming more involved in the product development process.
"I am proud of the company we have been able to build at ICU Medical. However, at this point it is time for me to turn over the day-to-day responsibilities of running a publically traded medical device company to Steven, who is wholly qualified for this new position," he said in prepared remarks. "I look forward to maintaining my role as chairman of the Board of Directors and to working in the product development arena, which has always been one of my passions. I look forward to this new role and to working with the company to continue to develop new products in the fields of infusion therapy, critical care and oncology."
Riggs has served as vice president of operations since 2002 and was director of operations from 1998 to 2002. As vice president of operations, he was responsible for all of the company's worldwide operations and management of its supply chain.
"The board has complete confidence that Steven Riggs is the right person during this period," added Kovalchik. "Steven's many years of service to ICU Medical have demonstrated remarkable talent in improving our efficiencies, driving our company as a low cost leader, and positioning us for profitable expansion."
Based in San Clemente, Calif., ICU Medical develops, manufactures and sells medical technologies used in vascular therapy, oncology, and critical care applications. ICU Medical's products help prevent bloodstream infections, protect healthcare workers from exposure to infectious diseases or hazardous drugs and monitor continuous cardiac output of critical care patients. The company's complete product line includes custom IV systems, closed delivery systems for hazardous drugs, needleless IV connectors, catheters and cardiac monitoring systems.
President/CEO Dr. George Lopez has resigned from his position due to health reasons and will instead assume a new role in the company's research and development department. Lopez will remain board chairman.
Steven Riggs, currently the vice president of operations, will serve as acting CEO while the board searches for a permanent replacement.
"Doc is the founder of the company and has served as its chairman of the board, president and CEO since 1989," said Dr. Michael Kovalchik, lead director of ICU Medical. "He is one of the rare individuals who has been able to transition from entrepreneur to business leader and will now have the opportunity to focus his efforts on the development of new products for the company. Doc's extraordinary vision and leadership turned ICU Medical into a provider of innovative medical devices and has our company positioned for long-term growth and profitability. Doc has made numerous contributions to ICU Medical including creating a leading, low-cost manufacturing process, as well as greatly expanding our existing suite of products. We are pleased that Doc will remain active in helping us develop our next generation of medical products."
Lopez said he is looking forward to becoming more involved in the product development process.
"I am proud of the company we have been able to build at ICU Medical. However, at this point it is time for me to turn over the day-to-day responsibilities of running a publically traded medical device company to Steven, who is wholly qualified for this new position," he said in prepared remarks. "I look forward to maintaining my role as chairman of the Board of Directors and to working in the product development arena, which has always been one of my passions. I look forward to this new role and to working with the company to continue to develop new products in the fields of infusion therapy, critical care and oncology."
Riggs has served as vice president of operations since 2002 and was director of operations from 1998 to 2002. As vice president of operations, he was responsible for all of the company's worldwide operations and management of its supply chain.
"The board has complete confidence that Steven Riggs is the right person during this period," added Kovalchik. "Steven's many years of service to ICU Medical have demonstrated remarkable talent in improving our efficiencies, driving our company as a low cost leader, and positioning us for profitable expansion."
Based in San Clemente, Calif., ICU Medical develops, manufactures and sells medical technologies used in vascular therapy, oncology, and critical care applications. ICU Medical's products help prevent bloodstream infections, protect healthcare workers from exposure to infectious diseases or hazardous drugs and monitor continuous cardiac output of critical care patients. The company's complete product line includes custom IV systems, closed delivery systems for hazardous drugs, needleless IV connectors, catheters and cardiac monitoring systems.