Merit Medical Announces Process for Chief Executive Officer Succession Planning

Rhea-AI Summary

Merit Medical Systems, Inc. (NASDAQ: MMSI) outlines the CEO succession planning process, with Fred Lampropoulos continuing as CEO and President through December 31, 2025. A special steering committee is developing a succession plan, with Korn Ferry assisting in identifying potential candidates.

SOUTH JORDAN, Utah, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today outlined the ongoing succession planning process for its Chief Executive Officer (CEO). Pursuant to an Amended and Restated Employment Agreement, effective June 8, 2023, Merit founder, CEO, and President, Fred Lampropoulos, will continue to serve as Merit’s CEO and President through December 31, 2025.

To carry out its responsibility for CEO succession, the Merit Board of Directors appointed a special steering committee of independent directors led by Ann Millner, Ed.D., Lead Independent Director. The committee is developing and providing oversight of a succession plan in preparation for Mr. Lampropoulos’ retirement. The plan is also intended to prepare the company for a CEO transition at the appropriate time. Korn Ferry, a leading executive search firm, is currently assisting Merit’s Board of Directors in the process of identifying potential internal and external candidates.

“My fellow directors and I are committed to identifying a successor with the capabilities inherent to Merit’s leadership requirements, including the ability to identify and pursue new strategic opportunities, attract and retain key talent, and build on the tradition of innovation that has been a hallmark of the company’s success,” said Dr. Millner. “We are focused on implementing a thoughtfully developed CEO succession plan that will maintain valued aspects of Merit’s culture and position the company for future growth, development, and value creation.”

The company does not intend to provide further updates on the process until such time as a successor is designated.

ABOUT MERIT MEDICAL Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling more than 700 individuals. Merit employs approximately 7,100 people worldwide. 

TRADEMARKS Unless noted otherwise, trademarks and registered trademarks used in this release are the property of Merit Medical Systems, Inc., its subsidiaries, or its licensors.

CONTACTS 
PR/Media Inquiries 
Sarah Comstock 
Merit Medical 
+1-801-432-2864 | sarah.comstock@merit.com 

INVESTOR INQUIRIES 
Mike Piccinino, CFA, IRC 
ICR Westwicke
+1-443-213-0509 | mike.piccinino@westwicke.com

FAQ

What is the latest update on Merit Medical Systems, Inc.'s CEO succession planning process?

The latest update outlines Fred Lampropoulos continuing as CEO and President through December 31, 2025, with a special steering committee developing a succession plan.

Who is leading the special steering committee for CEO succession planning at Merit Medical Systems, Inc.?

The special steering committee is led by Ann Millner, Ed.D., the Lead Independent Director of Merit's Board of Directors.

What is the role of Korn Ferry in the CEO succession planning process at Merit Medical Systems, Inc.?

Korn Ferry is assisting Merit's Board of Directors in identifying potential internal and external candidates for the CEO position.

Will there be further updates on the CEO succession planning process at Merit Medical Systems, Inc.?

The company does not intend to provide further updates until a successor is designated.