Arrow International (ARRO) Terminates Chairman/CEO, Appoints Philip B. Fleck as Interim CEO; Guides to Low End of Range; Company Receives Notice From McNeil Trust
Arrow International, Inc. (Nasdaq: ARRO) has appointed Philip B. Fleck, 63, to serve as interim President and Chief Executive Officer during the Special Committee's evaluation of strategic alternatives. Mr. Fleck served as the President and Chief Operating Officer of Arrow from 1999 until his retirement in January of 2005. The Company also announced that the Board elected R. James Macaleer non-executive Chairman of the Board of Directors.
The appointments followed the Board's decision to terminate Carl G. Anderson, Jr. as Chairman and Chief Executive Officer. The Board said that it had lost confidence in Mr. Anderson's ability to lead the company.
The Company also announced that it currently expects FY 2007 sales and earnings per share to come in near the low end of targets provided in the Company's second quarter press release of March 27, 2007.
The Company also has received a notice from the McNeil Trust of its intent to nominate five persons for election as directors at the 2007 Annual Meeting, in addition to the three persons it has already indicated it would nominate. If elected, this slate of the McNeil Trust's eight nominees would effect a complete takeover of the Company without the McNeil Trust purchasing any additional shares of Company stock or paying any premium to all other shareholders for this control. The McNeil Trust seeks to elect 100% of the directors of the Company despite the fact that it only owns 10% of the outstanding shares.
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