C. R. Bard's Todd Schermerhorn, the company's senior vice president and CFO, will retire after a transition period that is expected to run through August 2012. The news comes almost two weeks after the company reported a net loss of $47.8 million reflecting the previously disclosed charge relating to hernia product litigation.
Schermerhorn joined Bard in 1985 as a financial analyst and has since served in a number of positions. He was promoted to his current position in April 2003. And Timothy Ring, the company's chairman and CEO, wished Schermerhorn well. "Todd's leadership has been invaluable to Bard in shaping our strategy and culture. His tireless commitment and passion for excellence has influenced our organization across every function and at every level. His business intelligence and market insights have been a direct benefit to Bard and to me personally."
Schermerhorn will continue to serve as CFO until his successor is elected.
In addition to its Q2 loss, Bard reported net sales in the U.S. were $479.9 million, an increase of 3%. Net sales outside the U.S. were $245.1 million, an increase of 17% on a reported basis.
- check out the C.R. Bard release