ICU Medical CEO leaves as sale rumors subside
This article was originally published in Clinica
Executive Summary
George Lopez has stepped down as president and CEO of ICU Medical, for health reasons, after 24 years at the helm and 27 years with the company. Dr Lopez will remain chairman and an employee of the firm’s R&D department. ICU has appointed Steven Riggs, currently vice-president of operations, as acting CEO while it looks for a full-time replacement. The news coincides with media reports that ICU has halted its sale process after failing to find a buyer. Rumors that it was up for sale surfaced in August, with private equity firm GTCR touted as a potential suitor (www.clinica.co.uk, 5 August 2013). ICU’s share price dropped 6% to close $63.66 on 24 October, the day the speculation that it was no longer an acquisition target emerged.