Luminex Corporation Announces Departure of G. Walter Loewenbaum from Its Board of Directors

Rhea-AI Summary

Luminex Corporation (Nasdaq: LMNX) announced the retirement of Chairman G. Walter Loewenbaum effective August 3, 2020. CEO Nachum Shamir expressed gratitude for Loewenbaum's 25 years of service, highlighting the company's growth from a start-up to a projected $400 million revenue entity. Shamir will assume the Chairman role, while Dr. Edward Ogunro, a seasoned executive from Abbott Laboratories, will become the lead independent director. The Board will now consist of eight members, reflecting a continuity in leadership as Luminex aims to leverage past successes and explore emerging opportunities.

Positive

• Nachum Shamir's ascension as Chairman may bring a consistent leadership vision.
• Dr. Edward Ogunro's industry experience could strengthen the Board's strategic direction.

Negative

• G. Walter Loewenbaum's retirement could lead to concerns over continuity.
• Potential experience gaps in the Board due to the departure of a long-serving member.

AUSTIN, Texas, Aug. 4, 2020 /PRNewswire/ -- Luminex Corporation (Nasdaq: LMNX) today announced the retirement of its Chairman, G. Walter Loewenbaum, from its Board of Directors ("Board") effective August 3, 2020. 

"On behalf of Luminex's shareholders and Board, I would like to thank Wally for his invaluable service and contributions to Luminex for over 25 years," said Nachum 'Homi' Shamir, Luminex's President and Chief Executive Officer. "Wally was a strong voice and guiding hand in bringing Luminex from a small start-up, with no revenue, operating out of one small facility in Texas; to the multi-national $400 million in expected revenue Company we see today. We wish him the very best in his retirement and in all his future endeavors."

"I am extremely proud of Luminex's achievements during my tenure and have truly enjoyed my time with this board and management team," said Mr. Loewenbaum. "Although I feel now is the best time for me to retire, I am confident that Luminex has a strong team in place to continue to build on its past successes and emerging opportunities."  

In connection with Mr. Loewenbaum's departure, Mr. Shamir will assume the responsibilities of Chairman of the Board. Additionally, the Board has determined that Dr. Edward Ogunro will become lead independent director. Dr. Ogunro is an accomplished executive in the Diagnostics business, having held a number of leadership positions for more than 20 years at Abbott Laboratories, and served as Senior Vice President, R&D and Medical Affairs and Chief Scientific Officer of Hospira, Inc. He has directly relevant technical and operational industry experience in the diagnostics and medical device industry that has allowed him to be highly effective chairing our Strategy and Development Committee.

Upon Mr. Loewenbaum's retirement, Luminex's Board of Directors will consist of eight members: Mr. Shamir, Dr. Ogunro, Tom Erickson, Kevin McNamara, Jim Kever, Ken Samet, Dr. Stephen Eck and Dijuana Lewis.

About Luminex Corporation

At Luminex, our mission is to empower labs to obtain reliable, timely, and actionable answers, ultimately advancing health. We offer a wide range of solutions applicable in diverse markets including clinical diagnostics, pharmaceutical drug discovery, biomedical research, genomic and proteomic research, biodefense research, and food safety. We accelerate reliable answers while simplifying complexity and deliver certainty with a seamless experience. To learn more about Luminex, please visit us at luminexcorp.com.

Contacts
Harriss Currie
Senior Vice President,
Chief Financial Officer
hcurrie@luminexcorp.com
512-219-8020

Carla Stanaford
Investor Relations
cstanaford@luminexcorp.com
937-469-2120

Media Contact:
Michele Parisi
Bioscribe
mparisi@bioscribe.com
925-864-5028

 

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SOURCE Luminex Corporation

FAQ

Who has retired from the Luminex Board of Directors?

G. Walter Loewenbaum has retired from the Luminex Board of Directors effective August 3, 2020.

Who will be the new Chairman of Luminex Corporation?

Nachum Shamir, the current CEO, will assume the responsibilities of Chairman of the Board.

What changes are made to Luminex's Board after Loewenbaum's retirement?

The Board will now have eight members, with Dr. Edward Ogunro appointed as lead independent director.

What is the significance of G. Walter Loewenbaum's tenure at Luminex?

Loewenbaum served for over 25 years, guiding Luminex's growth from a start-up to a projected $400 million revenue company.