Beckman Coulter (NYSE:BEC) hit a 52-week low Tuesday after the developer of products used to automate complex biomedical tests said its CEO Scott Garrett has resigned from both the chief executive and chairman spots.
Garrett will remain on board as a full-time non-executive employee through January 15, where he will mostly be responsible for aiding the companyâ€™s board of directors.
â€śOver the past eight years, five of them as CEO, I've had the pleasure and privilege to lead the company through many significant improvements,â€ť Garrett said. â€śToday, the company continues making good progress, even in a very challenging environment.â€ť
The company appointed J. Robert Hurley as interim CEO, effective yesterday, and said it will begin its search for a successor.
Hurley, who previously served as Beckmanâ€™s senior vice president of human resources and chairman of Beckman Coulter Japan, joined the company in 2005.
Most recently he led the integration of the Olympus acquisition.
Glenn S. Schafer, lead independent director, was appointed by the board to the post of non-executive chairman.
â€śWe remain confident in and supportive of the company's management team and are committed to our strategy of leadership in biomedical testing and superior customer service,â€ť Schafer said.