CINCINNATI, Jan. 7, 2013 /PRNewswire/ -- LCA-Vision Inc. (NASDAQ: LCAV), a leading provider of laser vision correction services under the Lasik Plus ® brand, announces that Michael J. Celebrezze has been named Chief Executive Officer, effective immediately. The company also announces initiatives that are expected to reduce annual operating expenses by approximately $5 million and lower the number of laser vision correction procedures per year necessary to reach cash-flow breakeven from its Lasik business (excluding restructuring costs) to approximately 58,000 from the prior estimate of 68,000.
Mr. Celebrezze has served as LCA-Vision's Chief Financial Officer since December 2008, and as co-leader of the company with Chief Operating Officer David L. Thomas since September 2009. Mr. Thomas left the company effective December 31, 2012 and will pursue a new role as a co-founder of a science and technology company. In addition, LCA-Vision has promoted Amy Kappen to Chief Financial Officer from Vice President, Corporate Controller and Bharat Kakar to Senior Vice President of Operations and Marketing from Vice President of Operations and Patient Experience, with both promotions effective immediately.
"The Board has been impressed with the co-leadership of Mike Celebrezze and Dave Thomas, and the many actions they have taken to improve the company's operations and financial position in the face of chronic, adverse economic conditions," said E. Anthony Woods, Chairman of the Board of LCA-Vision. "We have benefitted from Dave's extensive knowledge and experience, and we are grateful for his dedication and service. The Board has full confidence in Mike's ability to lead LCA-Vision, and we wish Dave the very best in his new endeavor."
Mr. Thomas said, "I had the extraordinary opportunity at LCA-Vision as part of an outstanding team to evaluate and implement improvements that impacted nearly every aspect of the business. I am confident that I am leaving the company under the leadership of a solid and competent management team."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV