Business Unit model positions Company for improved execution of
OTTAWA, Ontario--(BUSINESS WIRE)--Sep. 12, 2012--
Nordion Inc. (TSX: NDN) (NYSE: NDZ) today announced a strategic
realignment of the business designed to focus on improving the execution
of Nordion’s business strategy. The plan includes transitioning Nordion
to a Business Unit model with two distinct Business Units: Targeted
Therapies and Specialty Isotopes, each of which will be supported by
centralized corporate functions. The Specialty Isotopes business will
include two segments: Sterilization Technologies and Medical Isotopes.
The Company also announced the appointment of Jeff Brown, Chief
Executive Officer and founding member of Brown Equity Partners, LLC, to
its Board of Directors.
“The strategic realignment is designed to take into account the unique
product life cycles and the needs of our customers in each of our
businesses,” said Steve West, Chief Executive Officer, Nordion Inc. “The
new organizational model is intended to allow for quicker decision
making and provide the Nordion team with improved agility, clearer focus
and direct leadership accountability to better serve our customers and
build shareholder value.”
Chief Operating Officer, Specialty Isotopes: Scott McIntosh,
formerly Senior Vice-President of Operations, becomes the COO of
Specialty Isotopes and will also assume the role of General Manager,
General Manager, Medical Isotopes: Tom Burnett, formerly
Vice-President of Global Sales becomes General Manager, Medical
Isotopes, and will report into Mr. McIntosh.
Chief Operating Officer, Targeted Therapies: Steve West, Chief
Executive Officer of Nordion, will act as interim COO of Targeted
Therapies as Nordion initiates an external search for a permanent
The executive Sales and Marketing and Innovation roles are being
absorbed into the Business Units. Accordingly, Kevin Brooks, Senior
Vice-President of Sales and Marketing and Peter Covitz, Senior
Vice-President of Innovation will be leaving the company after assisting
with the organizational transition. Andrew Foti, Senior Vice President,
General Counsel & Corporate Secretary, will be transitioning to the
interim role of Special Counsel to the CEO.
The new Nordion leadership team intends to focus on appropriately
allocating talent and resources to better support the unique
characteristics of each business and their respective portfolios. In
addition, they plan to continue to assess opportunities that are
expected to better serve our customers.
Today’s announcements align with Nordion’s strategic priorities. The
Targeted Therapies business unit is expected to continue to focus on
building an Interventional Oncology business. The Specialty Isotopes
business plans to concentrate on maintaining Sterilization Technologies’
cash generation, making selective growth investments and optimizing the
Medical Isotope business.
Nordion plans to begin operating in the new business unit model on
November 1, 2012, for the start of the Company’s 2013 fiscal year.
Nordion expects to continue to report financial results by its three
business segments Targeted Therapies, Sterilization Technologies and
Medical Isotopes. Targeted Therapies will focus on TheraSphere® while
Contract Manufacturing is expected to be repositioned and reported under
Medical Isotopes. The Company’s segment reporting will incorporate the
changes in the portfolios managed under each segment and comparative
historical segment financial information is expected to be
restated to align with these changes.
Appointment of New Board Member
With the appointment of the new board member announced today, Jeff
Brown, CEO and founding member of Brown Equity Partners, LLC, the
Nordion Board is now comprised of 10 Directors.
“We welcome Jeff to the Board,” said William D. Anderson, Chairman,
Board of Directors. “We believe that Nordion and its shareholders will
benefit from his broad financial experience and corporate governance
Mr. Brown previously served as a founding partner and primary deal
originator and capital gains producer for Forrest Binkley & Brown, a
U.S. private equity/venture capital firm. Prior to this he was Senior
Vice President at Bank America Venture Capital Group and performed the
same role at Security Pacific Capital Corporation.
Mr. Brown has served on the Board of Directors of numerous companies
during his 25 years in the investment industry. Mr. Brown holds a
Bachelor of Science Degree from Willamette University in Salem, Oregon
and an MBA from the Stanford University Graduate School of Business in
Palo Alto, California.
Forward Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements". These statements are based on current
beliefs and assumptions of management, however are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results to differ materially from the forward-looking statements in this
news release. For additional information with respect to certain of
these beliefs, assumptions, risks and uncertainties, please refer to
Nordion’s Annual Information Form for fiscal 2011 available on SEDAR at www.sedar.com
and on EDGAR on www.sec.gov.
About Nordion Inc.
Nordion Inc. (TSX: NDN) (NYSE: NDZ) is a global health science company
that provides market-leading products used for the prevention, diagnosis
and treatment of disease. We are a leading provider of medical
therapies and sterilization
technologies that benefit the lives of millions of people in more
than 60 countries around the world. Our products are used daily by
pharmaceutical and biotechnology companies, medical-device
manufacturers, hospitals, clinics and research laboratories. Nordion has
approximately 500 highly skilled employees in four locations. Find out
more at www.nordion.com
and follow us at http://twitter.com/NordionInc.
Shelley Maclean, 613-592-3400 x.