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American Science CEO to retire by June 30

BILLERICA, Mass. (AP) -- American Science & Engineering Inc., which makes X-ray inspection systems, said Thursday that President and CEO Anthony Fabiano will retire by June 30.

The board of directors has engaged a global executive search firm to find a successor. The company said Fabiano will step down by June 30 or when a replacement is appointed, whichever happens earlier. He will consult with the company for six months after his retirement to ensure a smooth transition.

Fabiano, 59, has been the company's president and CEO as well as a board member since September 2003.

In a statement, Fabiano said, "I've always felt that a CEO's tenure should be seven to 10 years because it's healthy for an organization to be refreshed with new leadership."

Shares of American Science & Engineering rose 11 cents to $66.15 in morning trading.