ResMed details progress on new CEO, initiates dividend
SAN DIEGO – Dr. Pete Farrell will remain CEO of ResMed until the end of the calendar year 2013, per the request of the manufacturer’s board of directors.
In the meantime, ResMed will continue to evaluate potential internal CEO candidates.
“When the board decides that there are suitable internal candidates for the role, the board plans to compare and contracts those candidates with potential external candidates,” the manufacturer stated in a press release.
ResMed expects this process to be completed by the end of calendar year 2013. Michael “Mick” Farrell, Peter Farrell’s son, is currently president, Americas.
In the same release, ResMed also announced that it plans to initiate a quarterly dividend of $0.17 per share in the first quarter of its fiscal year 2013, which begins July 1, 2012. It plans to pay the dividend in U.S. currency to holders of its common stock trading on the New York Stock Exchange (NYSE).
Holders of Chess Depositary Instruments (CDIs) trading on the Australian Stock Exchange will receive an equivalent amount in Australian currency based on the exchange rate on the record date and the 10:1 ratio between CDIs and NYSE shares.