(Reuters) — Swedish medical technology firm Getinge (PINK:GETI B) said today that it found a new CEO, sending up its battered shares, but some analysts said the incoming industrialist lacked the necessary sector experience.
Getinge has been through a turbulent period, firing CEO Alex Myers in August after only 18 months in the job and replacing its CFO in September.
The equipment maker for surgery and intensive care is in the midst of a large savings program, under investigation by U.S. authorities into quality controls at its plants, and last month unveiled plans to spin off 1 division.
Getinge said it appointed Mattias Perjos, an executive at Italian industrial and packaging solutions firm Coesia, as the new CEO. Perjos is due to take the corner office no later than May 1, the company said.
“The share has had an extremely weak performance lately so the initial market reaction may be positive. But I think that, fundamentally, this is negative,” Pareto Securities analyst Peter Ostling said.
“Given the situation Getinge is in, with problems with the FDA, a gigantic restructuring project and plans to spin off part of the business – to then appoint a CEO that has no experience whatsoever from healthcare only brings yet another risk component to the equation,” Ostling said.
Getinge’s shares, which had dived more than 34% this year on uncertainty about the company’s future direction, rebounded 3.7% as of 10:40 GMT, outperforming the STOXX Europe healthcare index.
“They’ve worked fast, which is good,” said Danske Markets analyst Lars Hevreng. “We’ll have to wait and see what he can contribute considering he is new to this.”
Getinge, whose profits have missed market expectations for 6 straight quarters, said Perjos was a good pick due to extensive industrial background, international experience and a track record of improving results.
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