Cadence names new CEO
- October 23, 2012
Alan Connor, the president of Staunton-based Cadence Inc., will become the company’s CEO next year.
Cadence, a major provider of medical device outsourcing solutions, announced that Connor will succeed Peter Harris as CEO in April 2013 after a six-month transition period.
Harris will continue to serve as chairman of the board.
Connor joined Cadence last year. His career in the medical device industry includes a variety of executive roles with companies such as MicroAire, MEDRAD, Arthur Andersen and Westinghouse.
In announcing Connor’s promotion, Cadence also announced plans to spend up to $4 million in repurchasing company shares. Funds used to buy shares will come from operating cash flow and existing debt facilities.
The company’s unaudited results for the first nine months of 2012 include a 34 percent increase in revenue to $41.27 million and 72 percent increase in net income, to $3.04 million, over prior year results.
Earnings per share increased 52 percent to $1.76. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 46 percent, to $8.57 million.