Healthcare Industry News: Medrad
News Release - July 23, 2007
MEDRAD(R) Announces New Head of Corporate Services
WARRENDALE, Pa., July 23 (HSMN NewsFeed) -- Gary Bucciarelli has been named chief administration officer of Medrad, INC., responsible for all Corporate Services functions and the role of chief financial officer. The position was formerly held by Michael Howard, who retired following 16 years as a key contributor to Medrad's history of consistent financial performance.Bucciarelli's career at Medrad is a prime example of the company's philosophy of developing employees through roles in different areas of the business. He joined Medrad as treasurer in 1993, responsible for corporate cash management, treasury, risk management and external financial reporting functions. In 1996 he was named vice president of human resources, where he launched the development and implementation of a strategic HR plan that enhanced key processes in support of Medrad's growth. Named vice president of finance in 2002, Bucciarelli led the implementation of numerous improvements in working capital management and financial reporting and analysis capabilities. Since he was named senior vice president of the Magnetic Resonance Strategic Business Unit (MR SBU) in 2004, the MR business has experienced double-digit growth and developed more than 15 new products and extensions.
"Our Corporate Services organization is charged with supporting Medrad's growth with worldwide processes and systems that impact virtually every department and employee," said John P. Friel, Medrad president and CEO. "Gary's track record of accomplishment in multiple areas of the company make him uniquely qualified to lead these initiatives."
Medrad's Corporate Services organization includes the Corporate Communications, Finance, Government Relations, Human Resources, Information Technology, Legal, Marketing Services and Performance Excellence functions.
Medrad, INC. is a worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body. Used in diagnostic imaging, Medrad's product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2006 revenues were $478 million. Medrad is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company's world headquarters is near Pittsburgh, Pennsylvania, in the United States. Medrad is an affiliate of Bayer AG. More company information is available at http://www.Medrad.com.
Bayer AG is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care, and Pharmaceuticals divisions. The Pharmaceuticals division comprises the following business units: Women's Healthcare, Diagnostic Imaging, Specialized Therapeutics, Hematology/Cardiology, Primary Care, and Oncology. The company's aim is to discover and manufacture products that will improve human and animal health worldwide. The products enhance well-being and quality of life by diagnosing, preventing and treating diseases.
Cautionary statement regarding forward-looking statements.
Certain statements in this press release that are neither reported financial results nor other historical information are forward-looking statements, including but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Medrad's plans and objectives to differ materially from those expressed or implied in the forward-looking statements. Medrad, INC. undertakes no obligation to update publicly or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.
Source: MEDRAD
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