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Luminex Announces Retirement of Patrick Balthrop, President and CEO [Global Data Point]
[October 16, 2014]

Luminex Announces Retirement of Patrick Balthrop, President and CEO [Global Data Point]


(Global Data Point Via Acquire Media NewsEdge) On behalf of the Board of Directors, Wally Loewenbaum, Chairman, said, "The Board is excited to have a talented executive in Homi Shamir join the Company. Mr. Shamir brings a proven track record of global leadership and results. He is a high energy executive focused on delivering tangible results from energized employees. Together, we believe we will be able to continue to execute our company's vision. The Board thanks Patrick Balthrop for his service in leading Luminex over the past decade. During his tenure as CEO, the company has grown from $30 million in revenue to well over $200 million, expanded internationally, built a strong portfolio and pipeline through organic investment and several acquisitions, and significantly increased profits while investing heavily in innovation, new product development and commercial expansion." Mr. Shamir most recently served as President and Chief Executive Officer at Given Imaging from 2006 until February 2014 when the company was acquired by Covidien plc in a transaction valued at approximately $1 billion. Under Mr. Shamir's leadership, Given Imaging broadened its product portfolio, organically and through acquisitions, significantly increased revenues and earnings and expanded its global commercial footprint.



Prior to joining Given Imaging Ltd., Mr. Shamir served as Corporate Vice President of the Eastman Kodak Company and as the President of Eastman Kodak's Transaction and Industrial Solutions. Mr. Shamir served over 10 years at Scitex Corporation where he had a track record of achievement and increasing responsibility, including serving as President and Chief Executive Officer from 2003-2004. Before joining Scitex, Mr. Shamir held senior management positions at various international companies mainly in the Asia Pacific region. Mr. Shamir holds a Bachelor of Science from the Hebrew University of Jerusalem and a Masters of Public Administration from Harvard University.

"I am honored to have the opportunity to join Luminex at this exciting time. The Company's financial strength, combined with a strong pipeline of highly differentiated products, an outstanding network of long term customers and partners and very talented dedicated team of employees worldwide, position us for accelerated growth and profitability," said Mr. Shamir. "Our top priority will be to build a bright future in the tradition of market leadership and strong financial performance to enhance shareholder value." Mr. Balthrop commented, "I am grateful to have spent nearly 10 years leading this outstanding company. I could not be more proud of the growth, innovation and groundbreaking technologies that my talented and motivated Luminex colleagues around the world have delivered, especially during such a turbulent decade. It is my firm belief that 2014 is the right time for me to retire. First, the company has a strong foundation and bright future with sunny skies ahead. The Company is operationally very solid and positioned for continued success. And second, Homi Shamir is a rare and gifted business leader with deep experience in medical devices who has proven his ability to lead a company and build shareholder value. I could not be more pleased to hand the reins of Luminex to such a strong executive who will be able to take Luminex to the next level and beyond." (c) 2014 GlobalData Provided by SyndiGate Media Inc. (Syndigate.info).

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