ResMed Appoints Michael Farrell as Chief Executive Officer; Robert Douglas Appointed President and Chief Operating Officer
ResMed Inc. (NYSE: RMD) announced that effective March 1, 2013, Michael ("Mick") Farrell will succeed Dr. Peter C. Farrell as ResMed's chief executive officer (CEO) and be appointed to its board of directors. Robert ("Rob") Douglas will become ResMed's president and chief operating officer (COO). Current CEO, chairman of the board and founder, Dr. Farrell, will become executive chairman. Together, Mr. Farrell and Mr. Douglas will comprise the office of the CEO and Dr. Farrell will work together with them on an as-needed basis through the end of calendar year 2013, when he will transition to non-executive chairman. In addition, Dr. Jim Hollingshead has been named president, Americas.
"A thorough review of potential candidates to succeed Peter was conducted by the board's CEO succession committee, working closely with the nominating and governance committee and a top-tier executive search consultancy," commented Dr. Gary Pace, lead director of ResMed's board and chairman of the board's succession committee. "It was easily determined that members of the very talented and experienced team that have driven much of the company's great success over the past decade would be best suited to lead the company to its next stages of growth and development. Mick led the team in the Americas that grew sales over 30 percent during the seven quarters that he was president of that region. He also established a vision for the organization that extended beyond driving revenue and market share to include a focus on the number of lives enhanced by ResMed products. Mick's strengths and accomplishments leading sales, marketing, business development and commercial strategy teams equip him well to become ResMed's next CEO. Rob's expertise and excellent track record of increasing productivity and efficiencies of global operations, as well as success in growing sales, make him the ideal choice for COO and president. In addition, he was instrumental in creating our successful manufacturing presence in both Australia and Singapore. At this time, we also want to thank Peter for resuming the role of CEO over the past couple of years and now turning over the helm to Mick and Rob while staying