Cytyc CEO Patrick J. Sullivan Named Chairman-Elect; Monroe Trout, M.D., to Retire in May 2002.Business Editors and Health/Medical Writers BOXBOROUGH, Mass.--(BW HealthWire)--Nov. 7, 2001 Cytyc Corporation (Nasdaq:CYTC) today announced the promotion of Patrick J. Sullivan, the Company's president and chief executive officer, to the additional position of chairman of the board of directors. Mr. Sullivan will assume this responsibility in May of 2002, upon the retirement of Cytyc's current chairman, Monroe Trout trout: see salmon. trout Any of several prized game and food fishes of the family Salmonidae, native to the Northern Hemisphere but widely introduced elsewhere. Though most species inhabit cool fresh waters, a few (called sea trout; e.g. , M.D. Dr. Trout will become chairman emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. . C. William McDaniel William Mcdaniel (1801 - December 14, 1866) was a U.S. Representative from Missouri. Born in Grayson County, Kentucky, Mcdaniel moved to Missouri in the late 1820s. He served as member of the State senate in 1838 and 1840. , Cytyc's current vice-chairman, will become chairman of the outside directors. "Monroe has provided strong leadership and guidance to Cytyc for much of the Company's history. He has assembled a strong group of business executives to serve on Cytyc's board and his contributions to the Company are significant. We wish him well in his retirement," commented Patrick J. Sullivan. "This is a well-deserved and well-earned expansion of Mr. Sullivan's responsibilities," said Dr. Trout. "Pat has demonstrated his ability to lead the Company and its directors. This planned succession will allow for an orderly transition of responsibility." Mr. Sullivan, a graduate of the United States Naval Academy United States Naval Academy, at Annapolis, Md.; for training young men and women to be officers of the U.S. navy or marine corps. George Bancroft, Secretary of the Navy, founded and opened (1845) it as the Naval School at Annapolis. and Harvard Business School Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. , joined Cytyc in 1991 as vice president of sales and marketing. He has served as president and chief executive officer and member of Cytyc's board of directors since 1994. Prior to joining Cytyc, Mr. Sullivan was employed by Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. and McKinsey & Co. Mr. McDaniel is currently a non-employee member of Cytyc's board of directors and was a founding investor of Cytyc Corporation. Cytyc Corporation develops, manufactures, and markets the ThinPrep(R) System for medical diagnostic applications. The ThinPrep System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, and related reagents, filters, and other supplies. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding management's expectations for future growth, profitability, product development and results, and objectives and expectations regarding future management and operations, constitute forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from those statements. Risks and uncertainties include, among others, dependence on proprietary technology, dependence on timely and adequate levels of third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , dependence on key personnel and management of growth, as well as risks of downturns in economic conditions generally, and in the healthcare industry specifically, risks associated with competition and competitive pricing pressures, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including under the heading "Certain Factors Which May Affect Future Results" in its 2000 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions, or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. |
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