Tecan Initiates CEO Succession Process

10-12-2011: The Tecan Group announced that the Board of Directors has initiated a succession process for the top management position. In the coming months, the Board of Directors will elect a new CEO who will continue implementing Tecan's growth strategy. Thomas Bachmann, CEO of the Group since the beginning of 2005, will be closely involved in the process and hand over his position once a successor has been found. His employment with Tecan will contractually end as of October 31, 2012.

As part of the strategic re-alignment over the last two years, Tecan Group has refocused the business portfolio on its strong core areas, established a new organisation around the life sciences and partnering business segments, strengthened the top management and added new skills to the Board of Directors. Based on this solid foundation, Tecan is now commencing a succession process for the CEO.

Thomas Bachmann became CEO of Tecan Group at a time of declining results and serious pressure from regulatory authorities and shareholders. Under his leadership the company has improved operational effectiveness, established credibility, expanded new businesses, and he positioned the company with a long-term strategy. During his tenure, Tecan has achieved sales growth, improved earnings per share and built a strong balance sheet.