Varian Medical Systems CEO Timothy Guertin To Retire

In short

Californian radiotherapy company Varian Medical Systems has announced that Timothy E. Guertin has declared his intention to retire as the company’s President and CEO at the end of the company’s current fiscal year on September 28, 2012, after 35 years with the company.

Background

Varian is the world’s leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices.

Following Mr Guertin’s retirement current Exec Vice President and COO Dow R. Wilson, 53, will assume the role of President and CEO. The board has also appointed Mr Guertin, 62, as its vice chairman and appointed Wilson to the board, both effective as of September 29, 2012. Guertin will continue as a non-executive employee of the company until his retirement in February 2013.

New incumbent Dow Wilson joined Varian in 2005 as President of Oncology Systems where he subsequently doubled the business by expanding services, introducing Varian’s TrueBeam and RapidArc products for radiotherapy and radiosurgery, and pushing strongly into emerging international markets. He assumed responsibility for all of Varian’s businesses upon his appointment as Chief Operating Officer in October of 2011.

Company comments

for Mr Guertin

“Varian has given me the unique opportunity to build a global business around the mission of saving lives, and, after more than 35 years here, I’m ready to transition to retirement while remaining active on the board,” said Guertin. “Our company has grown net orders, revenues and earnings by more than 100 percent over the last seven years while weathering some of the toughest economic conditions in modern times. More importantly, we have successfully developed significant new technology and products in radiation oncology and X-ray imaging that will help to save the lives of millions of people around the world. We have expanded into new areas and built a strong team that is well positioned to continue growing under the capable leadership of Dow Wilson.”

for Varian

“Tim Guertin has been an exceptional visionary and inspiring spokesperson for Varian,” said Richard M. Levy, Chairman of the Board of Directors for Varian Medical Systems. “The board is confident that Dow Wilson can lead further execution and enhancement of that vision on behalf of our customers, investors, and patients around the world. Dow is a proven performer who has impressive management skills and a history of significant business accomplishments.”

for Mr Wilson

“Tim Guertin and Dick Levy were instrumental in my decision to join Varian Medical Systems,” said Wilson. “They have created a global company with a culture of innovation and a consistent record of delivering compelling clinical solutions and services for customers as well as great returns for investors. It is an honor to be entrusted with the challenge of building on what they started.”

Source: Varian Medical Systems Inc., PR Newswire