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RESMED CEO LEAVES; PETER FARRELL BACK AS CEO
SAN DIEGO, Feb. 1, 2011 /PRNewswire via COMTEX/ --
ResMed Inc. (NYSE: RMD) today announced changes to its management team. Kieran T. Gallahue has resigned his position as Chief Executive Officer and President, and as a director, effective January 28, 2011. The board has appointed Dr. Peter C. Farrell, ResMed's founder and executive chairman, to serve as interim Chief Executive Officer and President, effective January 28, 2011. Dr. Farrell will also continue to serve as executive chairman of the board of directors. ResMed does not anticipate any material change in strategy or operations as a result of this management change.
Dr. Farrell founded ResMed in June 1989, and has been chairman since that time. He served as Chief Executive Officer fromJuly 1990 until December 2007; from January 2008 Dr. Farrell has been ResMed's Executive Chairman. He also currently serves as Chairman of the Executive Council of the Division of Sleep Medicine at Harvard Medical School and on faculty advisory boards at the University of California San Diego. Dr. Farrell is also a director of NuVasive, Inc., a NASDAQ-listed company, which develops and markets products for the surgical treatment of spine disorders, and is the non-executive chair of QRxPharma, a clinical-stage specialty pharmaceutical company listed on the Australian Stock Exchange.
Mr. Gallahue will continue as an employee until February 1, 2011. He leaves to become chairman and chief executive officer of another medical technology company. Mr. Gallahue will not receive any severance benefits in connection with his departure.
Dr. Farrell commented, "Kieran's resignation came as a surprise but we wish him well. During his three years as Chief Executive Officer, he helped build a strong senior management team and I look forward to leading that team as long as is needed. As executive chairman, I remained closely involved with ResMed's strategy, so stepping back into the CEO role will not be a novelty for me and will ensure continuity for the team. The market for sleep-disordered breathing continues to bring forward enormous opportunities, and I am as excited as I have ever been about ResMed's future."
Dr. Gary Pace, ResMed's lead director commented, "The Board thanks Mr. Gallahue for his contributions during his time with the company, and we wish him well. The board's succession plan calls for Dr. Farrell to step into the role again as Chief Executive Officer and President for as long as needed; this will take immediate effect. Dr. Farrell thoroughly understands ResMed's markets and technology and is passionate about ResMed and its people. The board has complete confidence in Dr. Farrell, and the senior management team. We expect a smooth transition. The ResMed board will shortly begin a search for a replacement."
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Replies to This Discussion
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Permalink Reply by Mike on
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you're a better historian of ResMed than I, Judy. thanks for your historical perspective here, which i think is very valuable. Something else to like about Farrell: he was the one who originally pointed out that the only way to hurt someone with a CPAP is to throw it at them.
Judy said:
You beat me to the punch, Mike. I've been reading all the news stories I could find about this before I was going to post the news.
As far as I'm concerned it is good riddance to Mr. Gallahue. Look at his dates of "employment" w/Resmed and Resmed's history prior to his affiliation w/them.
Resmed (under Peter Farrell) was the leader in easy access to and amount of data available TO THE PATIENT via the LCD screen. The S8s were a sturdy, reliable, dependable PAP and quite likely their crowning glory.
WHEN did Resmed's "abusive" policies regarding online sales, pricing, the quality control problems w/the FX masks' cushions begin? Just take a look at the dates of Gallahue's tenure at Resmed.
Gallahue joined ResMed in 2003 as president and chief operating officer. He became CEO in January 2008 when the company's founder and chairman, Dr. Peter Farrell, stepped out of the chief executive role.
Resmed has been Peter Farrell's "baby" since its inception giving him a tremendous interest in the products, the quality control, the reputation of its products.
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Permalink Reply by Judy on
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Was it Peter Farrell who said that or Dr Sullivan??
And what was/is the situation between Farrell and Sullivan w/the advent and success of Resmed?
And I'll be interested in jnk's "take" on my sense of Resmed's history.
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no, it was Farrell:
"CPAP is as dangerous as a bowl of cereal. The only way you can get hurt by one is if someone picks the damn thing off the nightstand and hits you over the head with it."
-Peter Farrell, CEO, ResMed
(quoted from the March 2005 ASAA lecture held in Washington D.C. entitled: "Catching Our Breath: Reflections on Diagnosis and Treatment of Obstructive Sleep Apnea.")
as to the politics existing between Farrell and Sullivan, i honestly have no idea. would be fascinated to learn more, though...
Judy said:Was it Peter Farrell who said that or Dr Sullivan??
And what was/is the situation between Farrell and Sullivan w/the advent and success of Resmed?
And I'll be interested in jnk's "take" on my sense of Resmed's history.
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Okay. Thanks, Mike. I thought I remembered it from that meeting you were at where you met Dr Sullivan. See, you can't trust my memory no how! Regardless, even tho Peter Farrell said it instead, its a heck of a good comment!!!
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And the occasional posts showing up that someone broke their back or it changed their dental bite are a good laugh, for me anyway.
Judy said:
Okay. Thanks, Mike. I thought I remembered it from that meeting you were at where you met Dr Sullivan. See, you can't trust my memory no how! Regardless, even tho Peter Farrell said it instead, its a heck of a good comment!!!
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