Boston, MA 05/13/2014 (wallstreetpr) – Danaher Corporation (NYSE:DHR) announced that their existing President and CEO, H. Lawrence Culp Jr. would be retiring on March 1, 2015. This all important position will be replaced by Thomas P. Joyce Jr., the present Executive Vice President. However, Mr. Culp would continue to serve the company in an advisory role for at least an additional year.
The chairman of the Board of Directors made this announcement and further stated this move is the result of the company’s succession style of functioning. Besides, the new appointee, Tom has served Danaher for the last 25 years in various positions and is the most suited for the takeover of this important post. He will be the fourth CEO in the 30 years of existence of DHR.
Appreciation of the Former CEO
The Chairman continued in his praise about the outgoing CEO, Lawrence Culp Jr.
It was under his leadership that the company could manage to increase its revenue from $20 billion to $50 billion. In the 13 years of stay at the helm, shareholders benefitted greatly, in fact, the company outperformed the S&P 500 by almost five times, a huge amount of value addition. He was mainly responsible in making Danaher as one of the world’s leading science and Technology Company.
It was under his leadership that Danaher Corporation (NYSE:DHR) could manage to grow its sales by almost 10 times to almost $5 billion.
Credentials of the New CEO
The new CEO, Mr. Joyce has worked in several divisions and subsidiaries of Danaher since joining the company in 1989. It was under his guidance as Executive Vice president that Danaher’s water Quality and Life Science divisions accounted for annual revenue of $9 billion.
There is no doubt that he will grow from strength to strength and take Danaher Corporation (NYSE:DHR) to greater heights.
