ResMed Announces Management Reorganization
SAN DIEGO, May 23, 2011 /PRNewswire/ -- ResMed Inc. (NYSE: RMD) announced today that it will be making changes to its management structure.
"We are dedicated to providing innovative solutions that meet the needs of our sleep-disordered breathing (SDB) patients and our distributors. We are also passionate about addressing the widespread ignorance which exists concerning the strong correlation between untreated SDB and such co-morbidities as cardiac disease, metabolic syndrome/type 2 diabetes, chronic obstructive pulmonary disease, perioperative risk, and occupational health and safety," commented Peter C. Farrell, PhD, ResMed's chairman and chief executive officer. "We have clinical data to show that treating SDB with nasal CPAP actually ameliorates and, in some cases, reverses the complications associated with these disease states, when SDB is present. To this end, we have elected to reorganize certain business units and management responsibilities to more effectively align our activities with our strategic goals. This will strengthen our focus on the key drivers for ResMed's future growth, improve our ability to deliver in these areas, and result in more effective investment initiatives."
ResMed's new management structure repositions senior executives currently working within ResMed, without adding new executive hires. All the organizations and leaders described below report to the chief executive officer. The new structure combines three existing business units into two, creates a new strategic business unit, and confirms other roles in the existing commercial, manufacturing, logistics, supply and corporate staff areas.
First, ResMed is aligning its strategic business units to better provide innovative solutions with scale and efficiency.
- Don Darkin will lead the combination of the former sleep and patient interface organizations as president of the SDB strategic business unit. This unit is responsible for product development, product marketing, and related activities that address SDB. Mr. Darkin was formerly senior vice president, patient interface strategic business unit.
- Geoff Neilson becomes president of the newly-created respiratory care strategic business unit, which will have a particular focus on chronic obstructive pulmonary disease. This SBU is responsible for product development, product marketing, and related activities. He was formerly vice president, ventilation strategic business unit.
Second, ResMed is also forming a new strategic business unit, ResMed Ventures and Initiatives, to focus on opportunities in disease states related to SDB and other market opportunities.
- JC Kyrillos, who successfully oversaw commercial operations in the Americas, will lead this group as its president. ResMed Ventures and Initiatives will initially focus on SDB diagnostic and treatment opportunities in patients with concomitant cardiac disease and metabolic syndrome/type 2 diabetes. In addition, there will be a focus on treating SDB in the perioperative care environment, and in the use of dental appliances to treat mild to moderate SDB. Mr. Kyrillos was formerly senior vice president, sales clinical and marketing – Americas.
Third, ResMed will continue to operate through a world-wide supply organization and three geographic commercial regions.
- Robert Douglas becomes president – Asia Pacific and chief, global supply operations. His group is responsible for Asia Pacific sales and commercial activities. He also leads ResMed's global supply organization with responsibilities for manufacturing and logistics. Mr. Douglas was formerly chief operating officer – Asia Pacific.
- Stein Jacobsen becomes president – Europe. His group is responsible for European sales and commercial activities. Mr. Jacobsen was formerly chief operating officer - Europe.
- Michael Farrell becomes president – Americas. His group is responsible for Americas sales and commercial activities. Mr. Farrell was formerly senior vice president, sleep strategic business unit.
Finally, ResMed will continue to have four corporate staff functions reporting to the chief executive officer and supporting global operations.
- Brett Sandercock continues as chief financial officer. His team is responsible for all finance, accounting, and investment activities.
- Michael Zill continues as chief information officer. His team is responsible globally for information technology, systems, and initiatives.
- David Pendarvis becomes chief administrative officer and global general counsel. His team is responsible for legal, human resources, training and development, and investor relations. He also acts as company secretary. Mr. Pendarvis was formerly senior vice president, organizational development, global general counsel, and secretary.
- Jim Hollingshead becomes chief strategy officer. His team is responsible for corporate strategy and business development, and will collaborate closely with the newly-created ResMed Ventures and Initiatives group. Mr. Hollingshead was formerly vice president, strategy and business development.
Dr. Farrell continued, "Since retaking the reins as chief executive officer, I've worked with senior management and the board of directors to evaluate our strategy and organization, and I remain excited about the opportunities that lie ahead of us. The board and I are confident in the ability of our senior management team, including me at the helm, as well as the talent at all levels throughout ResMed. These internal changes will help ensure our success in continuing as the leader in our industry. In addition, with the initiative of the new business unit, ResMed Ventures and Initiatives, we will appropriately make good use of the cash on the balance sheet to invest in further growth opportunities that correlate with our key strategic initiatives."
Further information can be obtained by contacting Constance Bienfait at ResMed Inc., San Diego, at +1(858) 836-5971 or by visiting the company's multilingual website at www.resmed.com.
ResMed is a global leader in the development, manufacturing and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing. The company is dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals of the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit www.resmed.com.
Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future revenue, earnings or expenses, new product development and new markets for the Company's products, are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Those risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission. Those reports are available on the Company's Web site.
SOURCE ResMed Inc.