Tecan Group AG
SWISS : TECN

October 07, 2011 01:25 ET

Tecan Initiates CEO Succession Process

MANNEDORF, SWITZERLAND--(Marketwire - Oct 7, 2011) -

Tecan Group AG /

Tecan Initiates CEO Succession Process

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Männedorf, Switzerland, October 7, 2011 - The Tecan Group (SWISS: TECN) today announced that the Board of Directors has initiated a succession process for the top management position. In the coming months, the Board of Directors will elect a new CEO who will continue implementing Tecan's growth strategy. Thomas Bachmann, CEO of the Group since the beginning of 2005, will be closely involved in the process and hand over his position once a successor has been found. His employment with Tecan will contractually end as of October 31, 2012.

As part of the strategic re-alignment over the last two years, Tecan Group has refocused the business portfolio on its strong core areas, established a new organisation around the life sciences and partnering business segments, strengthened the top management and added new skills to the Board of Directors. Based on this solid foundation, Tecan is now commencing a succession process for the CEO.

Thomas Bachmann became CEO of Tecan Group at a time of declining results and serious pressure from regulatory authorities and shareholders. Under his leadership the company has improved operational effectiveness, established credibility, expanded new businesses, and he positioned the company with a long-term strategy. During his tenure, Tecan has achieved sales growth, improved earnings per share and built a strong balance sheet.

Rolf Classon, Chairman of Tecan Group: "Over the last seven years, Thomas Bachmann has been instrumental in achieving substantial progress for our firm. Forward-looking CEO succession planning is one of our prime responsibilities as Directors of the Board. We are convinced that this is the right time to initiate this process, with the foundation for future accelerated growth now being laid. By announcing it early, we are in a position to address this task transparently."

Thomas Bachmann, CEO of Tecan Group: "In the coming months, we want to reach further milestones in important development projects in the end-user business as well as for our OEM partners. I am proud of what we have achieved together at Tecan so far and I am convinced that Tecan will have a successful future ahead."

A conference call will take place today at 8:30 a.m. (CET). The call will also be relayed by live audio webcast, which interested parties can access at www.tecan.com. A link to the webcast will be provided immediately prior to the event.

The dial-in numbers for the conference call are as follows:

For participants from Europe: +41 (0)91 610 5600 or +44 (0)203 059 5862 (UK)

Participants from the US: +1 (1) 866 291 4166

Participants should if possible dial in 15 minutes before the start of the event.

About Tecan

Tecan (www.tecan.com) is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics and clinical diagnostics. The company specializes in the development, production and distribution of automated workflow solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2010, Tecan generated sales of CHF 371 million (USD 356 million; EUR 269 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TK: TECN/Reuters: TECZn.S/ ISIN: 1210019).

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Tecan Group AG
Seestrasse 103 Männedorf Switzerland

ISIN: CH0012100191;

Press Release (PDF): http://hugin.info/100384/R/1552871/478509.pdf

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Source: Tecan Group AG via Thomson Reuters ONE

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Contact Information

  • For further information:

    Tecan Group
    Dr. Rudolf Eugster
    Chief Financial Officer
    Email Contact
    www.tecan.com

    Martin Brandle
    Head of Corporate Communications & Investor Relations
    Tel. +41 (0) 44 922 84 30
    Fax +41 (0) 44 922 88 89