AUSTIN, Texas, Oct. 15, 2014 /PRNewswire/ -- Luminex
Corporation (NASDAQ: LMNX) today announced that Patrick J. Balthrop, Sr. has retired as
President and CEO. The board of directors has named Nachum "Homi"
Shamir as President and CEO. Mr. Balthrop has resigned as a
director but will continue to serve the company and its
shareholders as a consultant to the Board and Mr. Shamir, and will
be assisting in the transition through April
14, 2015. Mr. Shamir is expected to be invited to join
the board of directors.
![Luminex logo Luminex logo](http://photos.prnewswire.com/prnvar/20100104/LUMINEXLOGO)
On behalf of the Board of Directors, Wally Loewenbaum, Chairman, said, "The Board is
excited to have a talented executive in Homi Shamir join the Company. Mr. Shamir
brings a proven track record of global leadership and results. He
is a high energy executive focused on delivering tangible results
from energized employees. Together, we believe we will be able to
continue to execute our company's vision. The Board thanks
Patrick Balthrop for his service in
leading Luminex over the past decade. During his tenure as
CEO, the company has grown from $30
million in revenue to well over $200
million, expanded internationally, built a strong portfolio
and pipeline through organic investment and several acquisitions,
and significantly increased profits while investing heavily in
innovation, new product development and commercial expansion."
Mr. Shamir most recently served as President and Chief Executive
Officer at Given Imaging from 2006 until February 2014 when the company was acquired by
Covidien plc in a transaction valued at approximately $1 billion. Under Mr. Shamir's
leadership, Given Imaging broadened its product
portfolio, organically and through acquisitions, significantly
increased revenues and earnings and expanded its global
commercial footprint.
Prior to joining Given Imaging Ltd., Mr. Shamir served as
Corporate Vice President of the Eastman Kodak Company and as the
President of Eastman Kodak's Transaction and Industrial Solutions.
Mr. Shamir served over 10 years at Scitex Corporation where he had
a track record of achievement and increasing responsibility,
including serving as President and Chief Executive Officer from
2003-2004. Before joining Scitex, Mr. Shamir held senior
management positions at various international companies mainly in
the Asia Pacific region. Mr.
Shamir holds a Bachelor of Science from the Hebrew University of Jerusalem and a Masters of
Public Administration from Harvard
University.
"I am honored to have the opportunity to join Luminex at this
exciting time. The Company's financial strength, combined with a
strong pipeline of highly differentiated products, an outstanding
network of long term customers and partners and very talented
dedicated team of employees worldwide, position us for accelerated
growth and profitability," said Mr. Shamir. "Our top priority
will be to build a bright future in the tradition of market
leadership and strong financial performance to enhance shareholder
value."
Mr. Balthrop commented, "I am grateful to have spent nearly 10
years leading this outstanding company. I could not be more proud
of the growth, innovation and groundbreaking technologies that my
talented and motivated Luminex colleagues around the world have
delivered, especially during such a turbulent decade. It is
my firm belief that 2014 is the right time for me to retire. First,
the company has a strong foundation and bright future with sunny
skies ahead. The Company is operationally very solid and
positioned for continued success. And second, Homi Shamir is a rare and gifted business leader
with deep experience in medical devices who has proven his ability
to lead a company and build shareholder value. I could not be more
pleased to hand the reins of Luminex to such a strong executive who
will be able to take Luminex to the next level and beyond."
About Luminex Corporation
Luminex is committed to applying its passion for innovation
toward creating breakthrough solutions to improve health and
advance science. The company is transforming global healthcare and
life-science research through the development, manufacturing and
marketing of proprietary instruments and assays utilizing xMAP®
open-architecture multi-analyte
platform, MultiCode® real-time polymerase chain reaction
(PCR), and multiplex PCR-based technologies, that deliver
cost-effective rapid results to clinicians and
researchers. Luminex's technology is commercially
available worldwide and in use in leading clinical laboratories, as
well as major pharmaceutical, diagnostic, biotechnology and
life-science companies. Luminex is meeting the needs of
customers in markets as diverse as clinical diagnostics,
pharmaceutical drug discovery, biomedical research including
genomic and proteomic research, personalized medicine, biodefense
research and food safety. For further information on Luminex
Corporation and the latest advances in multiplexing using
award winning technology, please
visit http://www.luminexcorp.com.
Statements made in this release that express Luminex
Corporation's or management's intentions, plans, beliefs,
expectations or predictions of future events are forward-looking
statements. The words "believe," "expect," "intend," "estimate,"
"anticipate," "will," "could," "should" and similar expressions are
intended to further identify such forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995.
It is important to note that the Company's actual results or
performance could differ materially from those anticipated or
projected in such forward-looking statements. Factors that could
cause Luminex's actual results or performance to differ materially
include risks and uncertainties relating to, among others, market
demand and acceptance of Luminex's products, the Company's
dependence on strategic partners for development, commercialization
and distribution of products, concentration of the Company's
revenue in a limited number of strategic partners, fluctuations in
quarterly results due to a lengthy and unpredictable sales cycle
and bulk purchases of consumables, Luminex's ability to scale
manufacturing operations and manage operating expenses, gross
margins and inventory levels, potential shortages of components,
competition, the timing of regulatory approvals, the
implementation, including any modification, of the Company's
strategic operating plans, risks and uncertainties associated with
implementing our acquisition strategy and the ability to integrate
acquired companies or selected assets into our consolidated
business operations, as well as the risks discussed under the
heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q,
as filed with the Securities and Exchange Commission. The
forward-looking statements contained herein represent the judgment
of Luminex as of the date of this press release, and Luminex
expressly disclaims any intent, obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in Luminex's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
Contact:
Luminex Corporate Contact:
Harriss Currie
Sr. Vice President, Finance and CFO
hcurrie@luminexcorp.com
512.219.8020
Media:
Mimi Torrington
Director of Marketing Communications
mtorrington@luminexcorp.com
512.219.8020
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SOURCE Luminex Corporation