Medical-device maker C.R. Bard Inc. (BCR) disclosed a change in a top post Monday, announcing the retirement of its chief financial officer after more than 25 years with the company.
Todd C. Schermerhorn joined the company in 1985 as a financial analyst. He has served in various positions throughout his tenure, including controller of the vascular systems division. He stepped into the chief financial post in 2003.
"Todd's leadership has been invaluable to Bard in shaping our strategy and culture. His tireless commitment and passion for excellence have influenced our organization across every function and at every level," said Chief Executive Timothy M. Ring.
The company didn't name an immediate successor, instead noting that Schermerhorn will stay on for a transition period and serve as chief financial officer until a successor is elected.
A rebound in spending in the health-care sector has driven renewed profits at companies like C.R. Bard, which has reported solid revenue growth on a strong performance in the vascular business, its largest by revenue. Last month, the company reported it swung to a second-quarter loss as a hefty charge related to a legal settlement masked revenue growth across all product categories.
Shares of C.R. Bard rose 69 cents to $99.37 recently. The stock is up about 8.2% since the start of the year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; email@example.com