PALO ALTO, Calif. (AP) —
The president and CEO of Varian Medical Systems will retire and it's chief operating officer will take over, the company said Monday.
The retirement of Timothy E. Guertin, 62, becomes effective at the end of its current fiscal year, which is Sept. 28.
Guertin will then serve as vice chairman and the 53-year-old Dow Wilson, will also take a seat on the board. Guertin will remain a non-executive employee of Varian until February 2013.
In addition, Varian has named Erich R. Reinhardt, the former president and CEO of Siemens Healthcare, as a board member. The addition of Reinhardt coupled with Wilson's appointment will increase Varian's board to 11 members.
Varian's board has also approved the repurchase of an additional 8 million shares between Sept. 29, 2012 and Dec. 31, 2013. It currently has about 4.4 million shares remaining under an existing 12 million buyback that expires on Sept. 28.
Last month Varian reported that its third-quarter profit climbed 16 percent, but it cut its full-year guidance due to currency headwinds.
Shares of Varian Medical Systems Inc., based in Palo Alto, Calif., company added 24 cents to $57.09 in morning trading.
