PALO ALTO, Calif., March 2, 2021 /PRNewswire/ -- Varian (NYSE: VAR)
today announced that Chief Executive Officer Dow Wilson, after more
than 16 years with the Company, will retire upon the successful
completion of the proposed combination of Varian and Siemens
Healthineers AG (Frankfurt: SHL). Wilson will be succeeded by
Chris Toth, President and Chief
Operating Officer of Varian, who will become CEO of the Varian
business segment of Siemens Healthineers upon the transaction
close. Toth will report directly to Dr. Bernd Montag, Chief Executive Officer of Siemens
Healthineers.
In connection with the completion of the transaction, which is
expected to occur in the first half of calendar year 2021, and to
support a seamless integration of Varian into Siemens Healthineers,
Wilson has agreed to serve as a special advisor to Siemens
Healthineers.
"On behalf of the Board, I want to thank Dow for his exceptional
leadership and many contributions to Varian," said Andrew Eckert, Chairman of the Board. "Since his
appointment as CEO in 2012, Dow has led Varian's efforts to define
a new era in cancer care. In addition to significantly extending
the Company's market leadership and innovation in radiation
therapy, he oversaw Varian's progress in bringing artificial
intelligence, machine learning and cloud solutions to the fight
against cancer. Through this strategic transformation, Varian has
achieved double-digit growth and created 4,000 jobs over the last
five years, and importantly, has enabled more successful outcomes
for millions of patients worldwide."
"It has been a privilege to serve Varian as CEO for nearly a
decade," said Wilson. "We have made incredible advances in the
fight against cancer, and our transformational combination with
Siemen Healthineers will bring us even closer to achieving our
vision of a world without fear of cancer. Working alongside such a
talented, dedicated team has been the highlight of my career, and I
am confident that under Chris' leadership, Varian will continue to
increase its patient impact and build on the strong foundation we
have established together. I will always be an ardent supporter of
Varian, and look forward to following along from the sidelines and
seeing all that this team accomplishes in the years to come."
"I'm honored to lead Varian as we enter this new exciting
chapter with Siemens Healthineers," said Toth. "It's incredible to
see how Varian has evolved and grown since I first joined over 20
years ago – all while staying true to our relentless belief that we
can beat cancer. As we move forward, I'm confident that the passion
and unwavering commitment to Varian's mission that Dow has inspired
among the entire team will continue to propel our company to even
greater success in the future."
About Varian
At Varian, we envision a world without
fear of cancer. For more than 70 years, we have developed, built
and delivered innovative cancer care technologies and solutions for
our clinical partners around the globe to help them treat millions
of patients each year. With an Intelligent Cancer Care approach, we
are harnessing advanced technologies like artificial intelligence,
machine learning and data analytics to enhance cancer treatment and
expand access to care. Our 10,000 employees across 70 locations
keep the patient and our clinical partners at the center of our
thinking as we power new victories in cancer care. Because, for
cancer patients everywhere, their fight is our fight. For more
information, visit http://www.varian.com and follow @VarianMedSys
on Twitter.
Forward-Looking Statements
Except for historical information, this communication contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements concerning
Varian's future orders and the anticipated impact of the COVID-19
pandemic on Varian's business; and any statements using the terms
"could," "believe," "expect," "promising," "outlook," "should,"
"well-positioned," "will" or similar statements are forward-looking
statements that involve risks and uncertainties that could cause
Varian's actual results to differ materially from those
anticipated. Such risks and uncertainties include: (1) the
future impact of the COVID-19 pandemic on Varian's business,
including but not limited to, the impact on its workforce,
operations, supply chain, demand for products and services, and
Varian's financial results and condition; (2) Varian's ability to
successfully manage the challenges associated with the COVID-19
pandemic; (3) Varian's ability to achieve expected synergies from
acquisitions; (4) risks associated with integrating recent
acquisitions; (5) global economic conditions and changes to trends
for cancer treatment regionally; (6) currency exchange rates and
tax rates; (7) the impact of the Tax Cuts and Jobs Act; (8) the
impact of the Affordable Health Care for America Act (including
excise taxes on medical devices) and any further healthcare reforms
(including changes to Medicare and Medicaid), and/or changes in
third-party reimbursement levels; (9) recent and potential future
tariffs or a global trade war; (10) demand for and delays in
delivery of Varian's products; (11) Varian's ability to develop,
commercialize and deploy new products; (12) Varian's ability to
meet Food and Drug Administration (FDA) and other regulatory
requirements, regulations or procedures; (13) changes in regulatory
environments; (14) risks associated with Varian providing financing
for the construction and start-up operations of particle therapy
centers, challenges associated with commercializing Varian's Proton
Solutions business; (15) challenges to public tender awards and the
loss of such awards or other orders; (16) the effect of adverse
publicity; (17) Varian's reliance on sole or limited-source
suppliers; (18) Varian's ability to maintain or increase margins;
(19) the impact of competitive products and pricing; (20) the
potential loss of key distributors or key personnel; (21)
challenges related to entering into new business lines; (22) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the agreement; (23) the failure to
obtain certain required regulatory approvals or the failure to
satisfy any of the other closing conditions to the completion of
the transaction; (24) risks related to disruption of management's
attention from Varian's ongoing business operations due to the
transaction; (25) the effect of the announcement of the transaction
on the ability of Varian to retain and hire key personnel and
maintain relationships with its customers, suppliers and others
with whom it does business, or on its operating results and
business generally; (26) the ability to meet expectations regarding
the timing and completion of the transaction; (27) risks associated
with transaction-related litigation; and (28) the other risks
listed from time to time in Varian's filings with the SEC.
For additional information concerning factors that could
cause actual results and events to differ materially from those
projected herein, please refer to Varian's Annual Report on Form
10-K for the year ended October 2,
2020 and subsequent Current Reports on Form 8-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission. Varian assumes no obligation to update
or revise the forward-looking statements in this communication
because of new information, future events, or otherwise.
Investor Relations Contact
Anshul Maheshwari
Vice President, Treasury and Investor Relations
+1 (650) 424-6081
investors@varian.com
Press Contact
Kathy
Conner
Vice President, Global Corporate Marketing
+1 (650) 424-5695
kathy.conner@varian.com
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SOURCE Varian