Affymetrix Founder and CEO Announces Succession Plan
October 22 2008 - 6:15PM
Business Wire
Affymetrix Inc. (Nasdaq:AFFX) today announced that Stephen P.A.
Fodor, Ph.D., founder, chairman and CEO, will begin to transfer his
CEO responsibilities to Kevin M. King, president of Affymetrix.
Assuming the new role of full-time executive chairman, Dr. Fodor
will identify and advance new platform technologies and explore new
market opportunities for the company. Mr. King will become CEO and
a member of the Board of Directors on January 1, 2009. Dr. Fodor
founded Affymetrix to commercialize the high-density arrays that he
and his colleagues developed in the late 1980s. The company
pioneered transforming paradigm shifts in modern molecular biology.
It has opened new markets in whole-genome expression, whole-genome
association genetics and set new approaches to clinical
diagnostics. Thousands of scientists now use Affymetrix technology,
generating more than 14,000 peer-reviewed scientific publications.
�Under Steve�s leadership, Affymetrix developed and commercialized
a series of breakthrough technologies that continue to advance
science and improve human health around the world,� said Dr. Paul
Berg, Nobel Laureate and a member of the Affymetrix Board of
Directors. �Recognizing that Affymetrix operates in a rapidly
evolving industry, Steve has chosen to devote his time to exploring
next-generation technologies and applications that advance genomic
science. He has planned for an orderly management transition that
began by hiring Kevin King in January 2007.� �Sequencing of the
human genome and the emergence of novel tools in molecular biology
continue to open new opportunities in health care and science,�
said Dr. Fodor. �Affymetrix has an exciting portfolio of
next-generation technologies. At the same time, the pace of
scientific innovation is fast, and my time is best spent
identifying new technologies for the company and accelerating their
development for applications in scientific research and the health
care enterprise. The Board and I are confident in Kevin�s ability
to lead the company as he has a keen understanding of Affymetrix�
products, markets and challenges. His experience as CEO and
president with Thomson Healthcare, the $500 million healthcare and
pharmaceutical information services division of Thomson
Corporation, as well as his 20-plus years at Hewlett-Packard and
GE, has prepared him well for his new role.� �Steve and I have
worked closely on a detailed strategic plan for the future,� said
Kevin King. �I am excited to lead Affymetrix into the expanding
opportunities of genetics and healthcare.� Dr. Fodor and colleagues
were recognized in 1992 with the AAAS�s Newcomb-Cleveland Award for
their outstanding paper in Science Magazine describing microarray
technology. He has received numerous honors and awards including
the Takeda Foundation Award, the Intellectual Property Owner�s
Distinguished Inventor of the Year Award, the Jacob Heskel Gabbay
Award in Biotechnology and Medicine, the Prize in Molecular
Bioanalytics and the Economist Innovation Award in Nanotechnology,
among others. In addition to serving on corporate boards, Dr. Fodor
sits on the Board of Trustees, Carnegie Institution of Washington
and the Scientific Advisory Board of the College of Chemistry,
University of California, Berkeley. About Affymetrix: Affymetrix
GeneChip� microarray technology is the industry-standard tool for
analyzing complex genetic information. After inventing microarray
technology in the late 1980s, Affymetrix scientists have been
dedicated to developing innovative products that provide
researchers with a more complete understanding of the genome. These
products continue to accelerate genetic research and enable
scientists to develop diagnostics and tailor treatments for
individual patients by identifying and measuring the genetic
associations with complex diseases. Today, Affymetrix technology is
used by the world�s top pharmaceutical, diagnostic and
biotechnology companies, as well as leading academic, government
and not-for-profit research institutes. More than 1,700 systems
have been shipped around the world and more than 14,000
peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Sacramento, Calif., Cleveland, Ohio,
and Singapore. The company has about 1,100 employees worldwide and
maintains sales and distribution operations across Europe and Asia.
For more information about Affymetrix, please visit the company�s
website at www.affymetrix.com. Forward-looking Statements All
statements in this press release that are not historical are
�forward-looking statements� within the meaning of Section 21E of
the Securities Exchange Act as amended, including statements
regarding Affymetrix� �expectations,� �beliefs,� �hopes,�
�intentions,� �strategies� or the like. Such statements are subject
to risks and uncertainties that could cause actual results to
differ materially for Affymetrix from those projected, including,
but not limited to: risks and uncertainties associated with the
management changes discussed in this press release; risks of the
company�s ability to achieve and sustain higher levels of revenue,
higher gross margins and reduced operating expenses; uncertainties
related to technological approaches, manufacturing and product
development; personnel retention; uncertainties related to cost and
pricing of Affymetrix products; dependence on collaborative
partners; uncertainties related to sole-source suppliers; risks
associated with past and future acquisitions; uncertainties
relating to FDA and other regulatory approvals; competition; risks
relating to intellectual property of others and the uncertainties
of patent protection and litigation. These and other risk factors
are discussed in Affymetrix� Form 10-K for the year ended December
31, 2007, and other SEC reports, including its Quarterly Reports on
Form 10-Q for subsequent quarterly periods. Affymetrix expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Affymetrix� expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based. NOTE: Affymetrix, the
Affymetrix logo and GeneChip� are registered trademarks owned or
used by Affymetrix Inc.
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