Align Technology announces CEO succession plans

Align Technology has announced that Thomas Prescott will be retiring as its president and chief executive officer (CEO) at the beginning of June 2015.

Mr Prescott has led the company for 13 years, helping to grow its annual revenue to $761.7 million (512.09 million pounds), up from $69.7 million when he started. Meanwhile, its annual earnings per share grew from a loss of $1.52 to a profit of $1.77, and its market capitalisation grew from $240 million to $4.4 billion.

Joseph Hogan will join the company as president, CEO and director on the same day that Mr Prescott retires. He most recently served as CEO of global power and automation company ABB, while prior to this he spent more than 25 years at GE, including eight years as the chief executive of GE Healthcare.

Mr Prescott will continue to serve on Align's board of directors following his retirement.

Ray Larkin, Align Technology's chairman, said the new CEO's experience "will help ensure Align stays at the forefront of innovation and fully leverages its significant opportunities to reach the next level of market leadership worldwide".

The company expects to release its first quarter financial results for 2015 on April 23rd.