Arrow International Fires CEO
Arrow International(ARRO Quote) said Thursday its board of directors had fired the company's chief executive officer, Carl Anderson Jr. The medical-device company said the board had lost confidence in Anderson's ability to lead the company, on the grounds of failed earnings and sales targets.
The board of directors named Philip Fleck, retired chief operating officer, to serve as interim president and chief executive, effective immediately. It also appointed James Macaleer to serve as nonexecutive chairman of the board.
Arrow also gave updated expectations for the 2007 fiscal year. It now expects to deliver results near the low end of the targets it provided with its second-quarter earnings, which were net sales of $515 million to $525 million and earnings in the range of $1.40 to $1.48 a share. Two analysts surveyed by Thomson Financial had estimated that the company would earn $1.42 a share for the year. ...
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