American Medical Systems announces resignation of Chief Executive Officer, Martin J. Emerson

Source: Healthcare Exec

Date :07/01/2008 05:44:32

American Medical Systems Holdings, Inc. announces resignation of Martin J. Emerson as President, Chief Executive Officer and Board Member effective January 4, 2008.

The Board of Directors has begun a search for a new Chief Executive Officer and has retained Heidrick & Struggles to assist in its recruiting effort, the urological medical device supplier said in a statement.

Ross A. Longhini, Executive Vice President and Chief Operating Officer, will serve as Chief Executive Officer on an interim basis.

Fourth quarter, arbitration

The company announced preliminary fourth quarter revenue of $130 million, at the upper end of the company's most recent guidance of $124 to $130 million.

Elsewhere, the company said it was awarded an unfavorable arbitration decision on an earnout payment related to the 2002 acquisition of CryoGen Inc.

The arbitration panel awarded the CryoGen shareholders $13.8 million, including attorneys' fees and costs. The award will be reflected in the company's fourth-quarter operating results.

January 07, 2008