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|ResMed Announces Management Reorganization|
SAN DIEGO, May 23, 2011 /PRNewswire via COMTEX/ --
ResMed Inc. (NYSE: RMD) announced today that it will be making changes to its management structure.
"We are dedicated to providing innovative solutions that meet the needs of our sleep-disordered breathing (SDB) patients and our distributors. We are also passionate about addressing the widespread ignorance which exists concerning the strong correlation between untreated SDB and such co-morbidities as cardiac disease, metabolic syndrome/type 2 diabetes, chronic obstructive pulmonary disease, perioperative risk, and occupational health and safety," commented Peter C. Farrell, PhD, ResMed's chairman and chief executive officer. "We have clinical data to show that treating SDB with nasal CPAP actually ameliorates and, in some cases, reverses the complications associated with these disease states, when SDB is present. To this end, we have elected to reorganize certain business units and management responsibilities to more effectively align our activities with our strategic goals. This will strengthen our focus on the key drivers for ResMed's future growth, improve our ability to deliver in these areas, and result in more effective investment initiatives."
ResMed's new management structure repositions senior executives currently working within ResMed, without adding new executive hires. All the organizations and leaders described below report to the chief executive officer. The new structure combines three existing business units into two, creates a new strategic business unit, and confirms other roles in the existing commercial, manufacturing, logistics, supply and corporate staff areas.
First, ResMed is aligning its strategic business units to better provide innovative solutions with scale and efficiency.
Second, ResMed is also forming a new strategic business unit, ResMed Ventures and Initiatives, to focus on opportunities in disease states related to SDB and other market opportunities.
Third, ResMed will continue to operate through a world-wide supply organization and three geographic commercial regions.
Finally, ResMed will continue to have four corporate staff functions reporting to the chief executive officer and supporting global operations.
Dr. Farrell continued, "Since retaking the reins as chief executive officer, I've worked with senior management and the board of directors to evaluate our strategy and organization, and I remain excited about the opportunities that lie ahead of us. The board and I are confident in the ability of our senior management team, including me at the helm, as well as the talent at all levels throughout ResMed. These internal changes will help ensure our success in continuing as the leader in our industry. In addition, with the initiative of the new business unit, ResMed Ventures and Initiatives, we will appropriately make good use of the cash on the balance sheet to invest in further growth opportunities that correlate with our key strategic initiatives."
Further information can be obtained by contacting Constance Bienfait at ResMed Inc., San Diego, at +1(858) 836-5971 or by visiting the company's multilingual website at www.resmed.com.
ResMed is a global leader in the development, manufacturing and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing. The company is dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals of the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit www.resmed.com.
Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future revenue, earnings or expenses, new product development and new markets for the Company's products, are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Those risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission. Those reports are available on the Company's Web site.
SOURCE ResMed Inc.