Cadence names Alan Connor new CEO
Connor has been serving as the pesident since April 2011 and will succeed Peter Harris in April 2013 following a six-month transition period. Harris will continue as chairman of the board.
Prior to joining Cadence in 2011, Connor enjoyed a distinguished career in the medical device industry. His experience includes a variety of executive management roles within large and medium-sized companies, such as MicroAire, MEDRAD, Arthur Andersen, and Westinghouse. This experience also includes a proven track record of building strong organizations and customer relationships while improving operating efficiencies.
“We have a very special team of highly motivated employees who remain focused on creating new manufacturing technologies to enable new product innovation,” Connor said. “I look forward to working closely with our employees, Peter and the board through our next phase of growth.”
“We’re excited to have Alan lead our growing efforts for development and expansion in this dynamic market environment,” Harris said. “This promotion is the result of a two-year succession planning process. Alan’s personal efforts have been instrumental in our recent success and I look forward to his on-going leadership as we pursue our vision.”
The company also announced plans to spend up to $4 million dollars to repurchase shares of the Company at such times and prices as deemed appropriate. Funds used to purchase shares will come from a combination of operating cash flow and existing debt facilities.