Bio-Rad Intends to Propose Three New Independent Directors
HERCULES, Calif., March 13, 2017 /PRNewswire/ -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global provider of life science research and clinical diagnostic products, today announced that management intends to propose Jeffrey Edwards, Gregory Hinckley and Arnold Pinkston for election to its Board of Directors at the Company's 2017 Annual Meeting of Stockholders.
Norman Schwartz, Bio-Rad Chairman and Chief Executive Officer, commented: "We are pleased to announce Jeff, Greg and Arnie, three highly qualified and experienced professionals, as candidates for election to our Board. Jeff's deep financial and capital allocation experience, Greg's financial, operational and public board expertise together with Arnie's broad corporate governance, regulatory and M&A knowledge will make them valuable additions to our Board. Our intention to propose these director candidates, who have proven track records of creating stockholder value, is consistent with our ongoing efforts to refresh and strengthen our Board. They are the result of a thorough process to add new perspectives on behalf of our stockholders. We look forward to benefiting from Jeff's, Greg's and Arnie's contributions as we continue to drive growth and improved profitability to deliver enhanced stockholder value."
Jeffrey Edwards retired from Allergan, Inc. in February 2015 after nearly 22 years at the Company. Mr. Edwards served as Executive Vice President, Finance and Business Development, Chief Financial Officer of Allergan, Inc. from September 2005 to August 2014. From 2003 to 2005, Mr. Edwards served as Allergan's Corporate Vice President, Corporate Development and previously served as Senior Vice President, Treasury, Tax and Investor Relations. Prior to joining Allergan, Mr. Edwards was with Banque Paribas and Security Pacific National Bank, where he held various senior-level positions in the credit and business development functions. Mr. Edwards currently serves on the Board of Directors and as Audit Committee chairman of both FibroGen, Inc., a publicly traded biopharmaceutical company, and Viamet Pharmaceuticals Holdings, LLC, a privately-owned biopharmaceutical company. Mr. Edwards has over 25 years of public company experience. Mr. Edwards received a Bachelor of Arts degree in Sociology from Muhlenberg College and completed the Advanced Management Program at the Harvard Business School.
Gregory Hinckley currently serves as President of Mentor Graphics, a leading supplier of products and services used by companies worldwide in the design of the electronic content of their products. Prior to Mentor Graphics, Mr. Hinckley served as Chief Financial Officer for VLSI Technology, Inc., a publicly traded microchip manufacturer, Crowley Maritime Corp. and Bio-Rad. Mr. Hinckley was a director of Intermec, Inc., a publicly traded provider of automated identification and data collection (AIDC) solutions, Super Micro, a publicly traded provider of advanced computer server systems and subsystems, and Amkor Technology, a world's leading supplier of outsourced semiconductor interconnect services. He currently serves as a director of SI-Bone, Inc., a privately held orthopedic device company. Mr. Hinckley has over 30 years of public company experience. Mr. Hinckley holds a Bachelor of Arts degree in physics from Claremont McKenna College, a Master of Science degree in applied physics from University of California, an MBA degree from Harvard Business School, and was a Fulbright Scholar in applied mathematics at Nottingham University in England. He is also a Certified Public Accountant.
Arnold Pinkston served as Executive Vice President and General Counsel for Allergan, Inc., a multi-specialty health care company. Prior to Allergan, Mr. Pinkston served as Senior Vice President, General Counsel and Secretary for Beckman Coulter and held a variety of positions at Eli Lilly and Company, including Vice President and Deputy General Counsel. Additionally, Mr. Pinkston currently serves as a member of the Board of Directors of Janus Capital Group and is a director for the Sustainability Accounting Standards Board. Mr. Pinkston has over 20 years of public company experience. Mr. Pinkston earned his Juris Doctor from Yale Law School and earned a Bachelor of Arts in geophysics from Yale College.
As disclosed in an 8-K filing on March 13, 2017, four independent directors notified the Company of their decision not to stand for reelection to the Board at the Company's 2017 Annual Meeting. The Company notes that their decision not to stand for reelection was not related to any issues regarding the integrity of the Company's financial statements or accounting policies and practices.
The Company confirmed its commitment to drive excellence in its management team so that it is best positioned to achieve its long term financial and operational goals. In addition, the Company is continuing a process to identify additional potential independent directors, who will stand for election at the 2017 Annual Meeting.
Norman Schwartz commented, "I would like to express my sincere thanks for the steadfast service of Deb, Joel, Bob, and Lou. Their commitment to Bio-Rad has provided the company with immeasurable value. The changes announced today build on their hard work and has positioned Bio-Rad for its next chapter, with a strong commitment to creating stockholder value over the long-term."
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) develops, manufactures, and markets a broad range of innovative products and solutions for the life science research and clinical diagnostic markets. The company is renowned for its commitment to quality and customer service among university and research institutions, hospitals, public health and commercial laboratories, as well as the biotechnology, pharmaceutical, and food safety industries. Founded in 1952, Bio-Rad is based in Hercules, California, and serves more than 100,000 research and healthcare industry customers through its global network of operations. The Company employs more than 8,250 people worldwide and had revenues exceeding $2 billion in 2016. For more information, please visit www.bio-rad.com.
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "intends," "believes," "expects," "anticipates," "may," "will," "estimate," "continue," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Bio-Rad's public reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Bio-Rad cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
Christine Tsingos, Executive Vice President and Chief Financial OfficerBio-Rad Laboratories, Inc.email@example.com
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SOURCE Bio-Rad Laboratories, Inc.