Tecan begins succession plan for chief executive officer

Tecan has announced that it has initiated a succession plan for its chief executive officer (CEO) role to prepare for the planned departure of Thomas Bachmann next year.

Mr Bachmann, who has led the company since the beginning of 2005, will finish his tenure at Tecan on October 31st 2012 and is to be closely involved in the selection of his successor before handing over the reins.

The new CEO will be tasked with continuing the organisation's growth strategies, with Tecan having undergone a strategic realignment in the last two years to focus its operations on key growth areas.

Mr Bachmann has been credited with a key role in this process, taking over at a point when the company was experiencing declining results and helping it to achieve strong growth in sales and earnings.

"I am proud of what we have achieved together at Tecan so far and I am convinced that Tecan will have a successful future ahead," the outgoing CEO said.

According to the firm's most recent financial report in August 2011, Tecan saw double-digit sales growth in local currency terms on a year-on-year basis during the first half of 2011.