Varian Medical Systems (VAR) CFO Finney to Retire

October 26, 2016 4:38 PM EDT

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Varian Medical Systems (NYSE: VAR) announced that Elisha W. Finney has informed the company of her intention to retire as executive vice president and chief financial officer. Finney, 55, will remain in her current role until a successor is named, which Varian expects will occur during the fiscal year 2017. The company has initiated a search to identify a replacement. Finney will assist with an orderly transition and continue to manage the planned spin-off of Varian's Imaging Components business.

"For our company and for our investors, Elisha has been an intelligent, trusted and energetic leader that all of us count on to help deliver winning results," said Dow R. Wilson, president and CEO of Varian. "With her help and guidance, we have achieved a sustained, decades-long record of growth in revenues and profitability. Her passion and competitiveness have been driving forces for the entire company. She leaves a great track record to build upon. We have been very fortunate to have Elisha on our management team."

"I am fortunate and proud to have spent virtually my entire career at a company that has the mission of saving lives," said Finney. "After nearly 29 years at Varian and nearly 18 years as CFO, I am excited about spending more time with my family and about the prospect of serving on boards of other companies. We have grown tremendously since the last Varian spin in 1999 and the planned spin-off of the Imaging Components business presents a natural time to transition. It has been a privilege to be part of a dedicated, passionate team whose talent and professionalism have made Varian a global power in the fight against cancer."

As CFO, Finney is responsible for all aspects of financial operations for Varian, including financial controls, treasury, risk management, investor relations, tax, internal audit and information technology. She manages a team of some 400 employees around the globe. During her time as CFO, Varian has increased its revenues more than five-fold, boosted its EBIT margin from 11 percent to 19 percent of sales and enjoyed an appreciation in its split adjusted stock price from about $4 to a recent closing high of $100 per share.

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