MDS Appoints Steve West MDS Inc. Chief Executive Officer
January 08 2010 - 7:00AM
PR Newswire (US)
Peter Dans Appointed Future Chief Financial Officer TORONTO, Jan. 8
/PRNewswire-FirstCall/ -- MDS Inc. (TSX: MDS; NYSE: MDZ), a leading
provider of products and services to the global life sciences
markets, announced that effective today Steve West, currently
President of MDS Nordion and Chief Operating Officer of MDS Inc.,
has been appointed Chief Executive Officer, MDS Inc. and a member
of the Company's Board of Directors, replacing Stephen P. DeFalco.
The Company also announced that Peter Dans, currently Senior
Vice-President, Finance, MDS Inc., will become Chief Financial
Officer, effective February 1, 2010. Doug Prince, currently
Executive Vice-President and CFO, MDS Inc., is expected to leave
the organization in March 2010. Mr. Prince will work with Mr. Dans
to achieve a smooth transition, and will continue to support the
Company's repositioning actions announced on September 2, 2009,
including the sale of the MDS Analytical Technologies business, the
planned share buyback and the intended sale of the MDS Pharma
Services Early Stage business. "With the strategic repositioning of
MDS under way, the Board believes it is appropriate to move forward
with its CEO transition plan," said James S.A. MacDonald, Chairman
of MDS Inc.'s Board of Directors. "We are confident that Steve's
attention to financial performance and his track record of
strengthening operations will serve the Company well, both now and
into the future. The Board would like to wish Stephen and Doug all
the best in their future endeavors." Following the expected
completion of the strategic repositioning plan, the Company will be
focused on its MDS Nordion business. "We are working to establish
MDS Nordion as a stand-alone business that continues to build its
leadership positions in medical imaging and radiotherapeutics, and
sterilization technologies," said Steve West, CEO, MDS Inc. "Our
highly skilled employees have built a solid foundation of
innovation and commercial excellence to support growing the
business." Mr. West became President of MDS Nordion in 2003. He
began his career at MDS in 2001 as a senior partner with MDS
Capital Corporation. Prior to that, he was President of
DiverseyLever Canada and has held a variety of CEO assignments in
Asia and the Pacific Rim, as well as international business
development responsibilities in the specialty chemicals field. Mr.
West holds a degree in Genetics from the University of London. Mr.
Dans joined MDS in 2007 from Nortel Networks, where he spent more
than 15 years in global finance leadership roles, including
positions in North America, South Korea, Singapore and the
Philippines. In addition to significant external reporting and
financial operating experience, Mr. Dans has a thorough
understanding of MDS operations and the Company's repositioning
plan. MDS Inc. Strategic Repositioning Background materials
pertaining to the new strategic direction for MDS Inc. can be found
on MDS Inc.'s Website at
http://www.mdsinc.com/strategic_repositioning_of_mds/index.asp.
About MDS Inc. MDS Inc. (TSX: MDS; NYSE: MDZ) is a global life
sciences company that provides market-leading products and services
that customers need for the development of drugs and the diagnosis
and treatment of disease. MDS Inc. is a leading global provider of
innovative technologies for use in medical imaging and
radiotherapeutics, sterilization, pharmaceutical contract research,
and analytical instruments. MDS has more than 3,500 highly skilled
people in 13 countries. Find out more at http://www.mdsinc.com/ or
by calling 1-888-MDS-7222, 24 hours a day. Caution Concerning
Forward-Looking Statements This document contains forward-looking
statements, including statements with respect to the proposed sale
of the MDS Analytical Technologies business, the proposed use of
proceeds from the sale, the strategy of the remaining business and
the Company's intention to sell other assets of the Company. Some
forward-looking statements may be identified by words like
"expects", "anticipates", "plans", "intends", "indicates" or
similar expressions. The statements are not a guarantee of future
performance, and are inherently subject to risks and uncertainties.
MDS's actual results could differ materially from those expressed
in the forward-looking statements due to these risks and a number
of other factors, including, but not limited to, successful
implementation of structural changes, including restructuring
plans, acquisitions and divestitures including completion of the
sale of the MDS Analytical Technologies business and the proposed
sale of the MDS Pharma Services Early Stage business, technical or
manufacturing or distribution issues, the competitive environment
for MDS's products and services, the degree of market penetration
of its products and services, the ability to secure a reliable
supply of raw materials, the impact of our clients' exercising
rights to delay or cancel certain contracts, the strength of the
global economy, the stability of global equity markets, the
availability and cost of financing, the impact of the movement of
the U.S. dollar relative to other currencies, particularly the
Canadian dollar and the euro, uncertainties associated with
critical accounting assumptions and estimates, and other factors
set forth in reports and other documents filed by MDS with Canadian
and U.S. securities regulatory authorities from time to time,
including MDS's quarterly and annual MD&A, Annual Information
Form, and Annual Report on Form 40-F for the fiscal year ended
October 31, 2008, filed with the U.S. Securities & Exchange
Commission. DATASOURCE: MDS Inc. CONTACT: MEDIA: Tamra Benjamin,
(613) 591-6917, ; INVESTORS: Catherine Love, (905) 267-4230,
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