SAN DIEGO — ResMed announced this morning that Kieran T. Gallahue has resigned his position as president and CEO, and as a director, effective Jan. 28. He leaves to become chairman and CEO of San Diego-based CareFusion, a medical technology company that focuses on the hospital sector.
ResMed's board has appointed Dr. Peter C. Farrell, founder and executive chairman, to serve as interim CEO and president "as long as needed," according to a company release. The giant sleep therapy manufacturer "does not anticipate any material change in strategy or operations as a result of this management change," the release stated.
Farrell founded ResMed in 1989, and has been chairman since that time. He also currently serves as chairman of the Executive Council of the Division of Sleep Medicine at Harvard Medical School and on faculty advisory boards at the University of California San Diego.
"Kieran's resignation came as a surprise but we wish him well," Farrell said. He added that "stepping back into the CEO role will not be a novelty for me and will ensure continuity for the team. The market for sleep-disordered breathing continues to bring forward enormous opportunities, and I am as excited as I have ever been about ResMed's future."
Last week, the company announced record financial results for its second quarter and six months ended Dec. 31. Revenue for the quarter was $306 million, an 11 percent increase over the same quarter in 2009, while revenue grew 13 percent to $588 million for the six months.
Gallahue, 47, joined ResMed in January 2003 as president and COO of the Americas, was promoted to global president and COO in September 2004 and has served as CEO and director since January 2008. During his tenure, the company grew revenue approximately 500 percent to $1.2 billion.
At CareFusion, Gallahue will succeed David L. Schlotterbeck, who had previously announced plans to retire later this month. The company offers products including Alaris IV pumps, Pyxis automated dispensing systems and AirLife, AVEA and LTV ventilators and respiratory products, among others. (See "Cardinal Health Spins Off Tech Business" for more on CareFusion.)
