UPDATE: Analogic (ALOG) CEO Green Resigns; Successor Named

October 24, 2016 9:02 AM EDT

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(Updated - October 24, 2016 9:02 AM EDT)

Analogic Corporation (Nasdaq: ALOG) announced that James W. Green will step down as President and Chief Executive Officer and resign from his position as a member of the Company’s Board of Directors, effective October 31, 2016, and will pursue other opportunities. The Board has appointed medical imaging industry executive Dr. Fred B. Parks, who has been a director of the Company since 2007, to serve as the Company’s new President and CEO. Dr. Parks joins Analogic from Enovate Medical, where he has served as Executive Chairman and CEO.

“Jim Green led Analogic during a period of meaningful development and growth, and we owe him a debt of gratitude,” said Bernard C. Bailey, Chairman of the Board. “Jim had the vision and leadership skills to transform Analogic into the industry leader that we are today, and to position the Company to capitalize on even greater opportunities in the future. We thank him for his commitment and achievements, and wish him success as he takes the next step in his career.”

“Fred is a seasoned executive with broad experience in the medical technology industry, and he has the right skills to take Analogic to the next stage of growth,” continued Bailey. “Fred’s experience running both larger and entrepreneurial growth companies in our industry will be invaluable as we grow our Ultrasound, Medical Imaging, and Security and Detection businesses. In addition, Fred has proven success in developing and launching innovative products, creating effective sales teams and driving market penetration. We have made significant investments in Ultrasound and look forward to leveraging Fred’s leadership talents as we seek to unlock the potential value in that business.”

“After nearly a decade at the helm of Analogic, it is time for me to explore new opportunities and pass the reins of the Company to new leadership,” said Green. “Fred has the skills and experience to take the Company to the next level. It is gratifying that someone I respect and trust as much as Fred will be succeeding me as President and CEO.”

“I am honored to be appointed by the Board to build on Jim’s accomplishments at Analogic,” said Parks. “We have exciting opportunities to capitalize on our investments in technology and our channel as we continue to execute on our fiscal 2017 plan and drive long term growth. I look forward to continuing to work with the Board, our strong management team, and our dedicated employees as we satisfy an expanding base of customers and create greater value for our shareholders.”

About Dr. Fred B. Parks

Dr. Fred B. Parks has served on the Board of Directors of Analogic since 2007. He has been the Executive Chairman and Chief Executive Officer of Enovate Medical since 2015. Dr. Parks served as Chief Executive Officer and a director of NDS Surgical Imaging, Inc., a provider of advanced medical visualization technology, from 2011 to 2013, and was Chairman of the Board and Chief Executive Officer of Urologix, Inc. from 2003 to 2008. Prior to joining Urologix, Dr. Parks served as President and Chief Executive Officer of Marconi Medical Systems, a multi-modality supplier of medical imaging equipment. Following Marconi’s acquisition by Royal Philips Electronics, Dr. Parks led its integration into the Philips medical business. Previously, Dr. Parks held positions as President, Chief Operating Officer and a director of St. Jude Medical, Inc., a medical device company focusing on implantable cardiovascular products, and as President, Chief Operating Officer and a director of EG&G, Inc. (now PerkinElmer), a diversified technology company. Dr. Parks holds a B.S. in Mechanical Engineering from University of Missouri-Rolla, an M.S. in Mechanical Engineering from University of Arizona, and a Ph.D. in Mechanical Engineering from University of Missouri.

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Fred Parks
John S on 2016-10-28 14:11:27
Mark as Spam | Reply to this comment

I feel bad for Analogic. They just hired a CEO who wasn't competent to run a $60MM business and ran it into the ground. Good news for me is I'll make a killing shorting their stock knowing this clown is in leadership.

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