Syneron Medical Ltd. Co-Founder Eckhouse Tapped to Replace CEO
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Dr. Eckhouse is a co-founder of Syneron and a co-developer of the proprietary elos technology on which Syneron's aesthetic medical devices are based. He was also the inventor and developer of IPL technology, another fundamental cornerstone of non-invasive aesthetic medical devices. In addition to serving as active chairman at Syneron, Dr. Eckhouse has served as Chief Executive Officer of ESC Medical Systems from its inception in 1992 until 1999 and as Chief Executive Officer of ColorChip from 2001 to 2003. He has founded and served as Chairman of several medical device companies. Dr. Eckhouse holds a B.Sc. in physics from the Technion Israeli Institute of Technology and a Ph.D. in physics from the University of California at Irvine.
On behalf of the Board, independent director Dr. Michael Anghel stated, "We are fortunate that Shimon has agreed to assume the day-to-day leadership role as CEO. As a founder of the Company and an active Chairman, he has a deep understanding of the Company's strategy, management team, business potential and industry trends. The Company has a strong executive team with deep experience that will help ensure we remain on track with our business objectives and continue to successfully execute our growth strategy."
Mr. Scafuri has been the CEO of Syneron since February 2009, successfully growing the Company's annual revenues from $55 million in 2009 (pre-merger with Candela Corporation) to $264 million in 2012. He led the Company through an extremely challenging global economic environment, its merger with Candela Corporation, several strategic acquisitions, and the expansion of its product offering to include home-use and topical aesthetic products.
Dr. Eckhouse said, "We thank Lou for his leadership over the past four years and for the strong foundation he has built for the future. I have enjoyed working closely with him as we guided the Company through several important milestones. He was instrumental in the successful integration of Candela and positioning the Company with several significant near-term growth opportunities, including body contouring with UltraShape, home-use products through our Syneron Beauty subsidiary, and the topical business with the elure Advanced Skin Whitening system. We appreciate his passion and energy, which he brought to the Company each day, and firmly believe we are a stronger and better positioned Company today because of his leadership and strategic initiatives."
Mr. Scafuri said, "Syneron is the global leader in the aesthetic device industry, with a strong leadership team with dedicated and talented employees. It has been an honor to serve as the Company's CEO, and I am proud of the accomplishments we have achieved over the past 4 years. The Company is now better positioned to operate in the new global economic environment that we are facing and I believe it is an appropriate time to transition to Shimon to continue the Company's journey to its next phase of innovation and growth. I remain confident in the long-term outlook for Syneron and the aesthetic device industry."
Conference Call
Syneron management will host a conference call to discuss the executive leadership transition today at 8:30 am ET. The conference call will be available live via the Investor Relations section of Syneron's website, www.investors.syneron.com. To access the call, enter the Syneron Investor Relations website, then click on the webcast link "Syneron Conference Call."
Participants are encouraged to log on at least 15 minutes prior to the conference call in order to download the applicable audio software. The call can be heard live or with an on-line replay which will follow. Those interested in participating in the call and the question and answer session should dial 877-844-6886 in the U.S., and 970-315-0315 from overseas. The conference pass code is: 42308391.
About Syneron Medical Ltd.
Syneron Medical Ltd. – a company devoted to real technology, real science and real results – is the leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint. The Company's technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, rejuvenation of the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company sells its products under two distinct brands, Syneron and Candela. The Company's aspiration and commitment to innovation expands Syneron's offering beyond medical device into the largest in-demand applications in beauty - skin lightening. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and manufacturing operations in the US. The company markets and services and supports its products in 86 countries. It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide. Additional information can be found at www.syneron.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
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