Medical device company Teleflex replaces CFO

Teleflex (NYSE:TFX) has replaced its chief financial officer after a little more than two years […]

Teleflex (NYSE:TFX) has replaced its chief financial officer after a little more than two years with the company.

Richard A. Meier’s employment was “terminated” March 9, according to a statement from the company. Thomas E. Powell will take over the role.

Powell joined the company last year as the vice president for global finance. Powell had previously worked for Tomo Therapy, a medical device company where he served as CFO for about two years. He also served as the chief financial officer of Textura Corp., a business solutions company, in 2008.

The Limerick, Pennsylvania company, which has been growing its medical device business with more than 15 acquisitions since 1981, announced an agreement to sell its aerospace and cargo business in October last year for $280 million to an AAR Corp. subsidiary  that will help it more than double its profits, according to its full-year earnings report for 2011. It sold its marine business to an H.I.G. Capital affiliate for $121.6 million in March the same year.

In a conference call discussing its fourth-quarter earnings last month, the company said it had made some cuts to its sales force in two areas to focus on areas where it would get the most leverage. Revenue was forecast to grow at 6.7 percent to $1.5 billion. Earnings per share rose 34 percent to $2.96.

The medical device company has three specialty areas: critical care, surgical care and cardiac care, along with its overseas export market division. It won 37 contracts with healthcare group purchasing organizations last year, about one-third of them representing new business.

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