Meridian Bioscience Announces Retirement of Chairman David Phillips

Rhea-AI Summary

Meridian Bioscience, Inc. (NASDAQ: VIVO) announced the retirement of David Phillips as Chairman of the Board, effective January 2022. Phillips, who joined the board in 2000 and became chairman in 2018, is credited with steering the company through major developments, including Sarbanes-Oxley implementation and numerous acquisitions. Under his leadership, Meridian's employee base and financial performance significantly improved, with fiscal 2021 revenues and earnings per share over five times those of 2000. The board will elect a new chair post-retirement, reducing the board size to eight.

Positive

• David Phillips' leadership resulted in substantial growth, with net revenues and diluted earnings per share in fiscal 2021 over five times higher than in 2000.
• The company has seen an increase in its workforce, indicating expansion and strength in operations.

Negative

• None.

CINCINNATI, Nov. 24, 2021 /PRNewswire/ -- Meridian Bioscience, Inc. (NASDAQ: VIVO), a leading global provider of diagnostic testing solutions and life science raw materials, announced today that David Phillips, Chairman of the Board of Directors, will retire from the Board of Directors and not seek re-election when his term ends in January 2022.  The Board of Directors will elect a new chair when Mr. Phillips' term expires and will not replace the vacated seat, which will reduce the number of directors to eight.

Mr. Phillips joined the Meridian Board of Directors in 2000 and has served as chairman since September 2018.  During his tenure, Mr. Phillips shepherded the Company through the implementation of Sarbanes-Oxley and numerous acquisitions that form today's Meridian.  The Company has more than twice as many employees and finished fiscal 2021 with net revenues and diluted earnings per share more than five times that of fiscal year 2000. 

David Phillips, Chairman of the Board of Directors stated, "It has been an honor to be part of Meridian for the last 21 years.  I have witnessed the transformation and globalization of this business and I am proud of the impact the Company continues to make in healthcare.  Jack has built the strongest management team since I have been part of the organization, and coupled with the expertise of the other directors, I am excited about what the future holds for the Company."

Jack Kenny, CEO said, "Dave has dedicated many years to Meridian as an advisor, leader, and friend.  His contributions over the years are greatly appreciated and his presence around the office and in the board room will be greatly missed."

About Meridian Bioscience, Inc.
Meridian is a fully integrated life science company that develops, manufactures, markets, and distributes a broad range of innovative diagnostic products. We are dedicated to developing and delivering better solutions that give answers with speed, accuracy, and simplicity that are redefining the possibilities of life from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular tests for human, animal, plant, and environmental applications. Through diagnosis, we provide diagnostic solutions in areas including gastrointestinal and upper respiratory infections and blood lead level testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers, and biotech companies in more than 70 countries around the world.

Meridian's shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian's website address is www.meridianbioscience.com.

Contact:
Charlie Wood
Vice President – Investor Relations
Meridian Bioscience, Inc.
Phone:  +1 513.271.3700
Email: mbi@meridianbioscience.com

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SOURCE Meridian Bioscience, Inc.

FAQ

When did David Phillips retire from Meridian Bioscience?

David Phillips will retire in January 2022.

What was David Phillips' role at Meridian Bioscience?

He served as Chairman of the Board of Directors since September 2018.

What impact did David Phillips have on Meridian Bioscience?

Under his leadership, the company experienced significant growth in revenues and earnings.

What changes will occur in Meridian Bioscience's Board of Directors after Phillips' retirement?

The Board will elect a new chair and reduce its size to eight members.

What is Meridian Bioscience's stock symbol?

The stock symbol for Meridian Bioscience is VIVO.