ARDMORE, Pa., Sept. 25, 2013 /PRNewswire/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced that Richard J. DePiano, Chairman and Chief Executive Officer, will retire from day to day operations effective September 25, 2013. Mr. DePiano, age 72, will assume the role of executive Chairman of the Board of Directors. He will be succeeded by his son, Richard J. DePiano Jr., who will add the Chief Executive Officer title to his current role as President and General Counsel.
"I am confident that Escalon Medical is in excellent hands," commented Richard J. DePiano. "Rich has the operational and financial leadership as well as the knowledge of the business to take on this expanded role. He will be supported by an executive management team that has been in place for over ten years as well as dedicated and professional operational level management, some of whom have over twenty-five years of experience with the company. Rich has been focused on and instrumental in returning Escalon to its ophthalmic roots and is ideally suited to improve our financial position."
Richard J. DePiano Jr., age 47, joined Escalon Medical in November 2000 as Vice President Corporate and Legal Affairs. He was appointed Chief Operating Officer and General Counsel in December 2006 and assumed the title of President in January 2008. He was named to the Board of Directors in May 2012. Prior to joining Escalon, Mr. DePiano Jr. spent nearly ten years in the private practice of law. Mr. DePiano, Jr. currently serves as Chairman of the Board of Directors of the Montgomery County Industrial Development Authority, is a member of the Board of Directors of Senior Health Properties-South, Inc. and serves as Chairman of the Board of Directors of the Amoore Group Inc.
"First, I want to thank the Board for their confidence in my ability to lead Escalon Medical at this important stage in the company's evolution," commented Mr. DePiano Jr. "I am truly excited about the opportunities as we refocus our operations on our core Sonomed Escalon ophthalmic business. We have spent significant efforts over the last several years returning the company back to its ophthalmic roots and improving our financial position. Today we have no long-term debt and are poised to pursue strategic growth opportunities to leverage our technology and exciting research and development programs."