- Nominates Didier Hirsch and Martin Madaus for election to the Board of
Directors
- Upon the election of Messrs. Hirsch and Madaus, seven
of the Board of Directors' ten members will have been added since
2018
- Separately, Azenta today announced strong 2023 fourth
quarter and full year fiscal 2023 earnings results, with commitment
to additional $500 million in share
repurchases in Fiscal 2024
BURLINGTON, Mass., Nov. 13,
2023 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA)
today announced a series of actions as part of the Company's
ongoing strategic and governance transformation.
In support of the Company's transformation strategy and as part
of its ongoing board refreshment process, Didier Hirsch and Martin
Madaus have been nominated for election to its Board of
Directors (the "Board") at the Company's 2024 Annual Meeting of
Stockholders (the "Annual Meeting"). Two of the Board's current
independent directors will not be nominated to stand for
re-election at the Annual Meeting. Following the Annual Meeting –
if the new nominees are elected by stockholders – Azenta's Board
will continue to be comprised of ten directors, of which nine will
be considered independent and seven will have joined the Board
since 2018.
The Company has embarked on a significant strategic
transformation since 2021, including the continued growth of its
life sciences business, the sale of its semiconductor automation
business in 2022, the implementation of cost reduction initiatives
and meaningful capital return to stockholders. Azenta believes the
momentum in the business is strong, as evidenced by fourth quarter
2023 earnings results separately announced today that included
continued organic revenue growth, profitability gains and improving
cash flow. The Company also announced it is committing to an
additional $500 million in share
repurchases in Fiscal 2024, completing the full $1.5 billion under its current authorization.
"We are thrilled to be able to announce these actions today and
to welcome Didier and Martin to Azenta's Board as part of our
ongoing transformation," said Steve
Schwartz, President and CEO. "They both have exceptional
track records of value creation in the life sciences industry, and
they will bring invaluable operational, financial, and business
development expertise as Azenta continues its evolution into a
leading life sciences company. We also appreciate the thoughtful
and constructive dialogue we have had with Politan Capital
Management and our common focus on delivering value to Azenta
stockholders. We look forward to working together as the Company
continues its transformation."
"Steve and his team have built a life sciences company with
leadership in its markets and significant potential to deliver
value," said Quentin Koffey,
Managing Partner, Politan Capital Management. "The actions
announced today are a positive step towards further achieving that
goal. Specifically, we are encouraged by the Company's recent
operational performance, its commitment to increased capital
returns, its focus on smaller tuck-in acquisitions, the CFO
transition process that led to the addition of Herman Cueto, and the changes the Company is
making to its Board. We would like to thank Steve and the entire
Board for a thoughtful and constructive dialogue from the outset of
our engagement."
In connection with today's announcements, Politan has withdrawn
its notice to nominate candidates for election to the Board at the
Annual Meeting.
About Didier
Hirsch
Didier Hirsch
formerly served as the Senior Vice President and Chief Financial
Officer of Agilent Technologies, Inc. from 2010 to 2018. During his
tenure as Chief Financial Officer, Mr. Hirsch oversaw the
transformation of Agilent, including the $4.7 billion spinoff of Keysight Technologies,
Inc. in 2014. He currently serves on the Board of Directors of
Knowles Corporation and Sophia Genetics SA , and previously
served on the Board of Directors of Logitech International
S.A. and International Rectifier Corporation until its
sale to Infineon Technologies AG for $3
billion in 2015. Mr. Hirsch earned a master's degree in
computer science from Toulouse University in France, as well as a M.S. degree in industrial
administration from Purdue
University.
About Dr. Martin
Madaus
Dr. Martin
Madaus has served as a healthcare executive at The Carlyle
Group Inc. since 2010, including as Chairman and Chief Executive
Officer of Ortho Clinical Diagnostics Holdings PLC until 2019,
which Carlyle acquired for $4.1
billion in 2014. Previously, Dr. Madaus served as the
Chairman, President and Chief Executive Officer of Millipore
Corporation until its sale to Merck for $7.2
billion in 2010. He currently serves on the Board of
Directors of Quanterix Corporation, Repligen
Corporation and Standard BioTools Inc., and previously served
on the Board of Directors of Covidien and Mettler-Toledo
International Inc.. Dr. Madaus received a Doctor of Veterinary
Medicine from the University of Munich in Germany and a Ph.D. in Veterinary Medicine
from the Veterinary School of Hanover in Germany.
About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA)
is a leading provider of life sciences solutions worldwide,
enabling impactful breakthroughs and therapies to market faster.
Azenta provides a full suite of reliable cold-chain sample
management solutions and multiomics services across areas such as
drug development, clinical research and advanced cell therapies for
the industry's top pharmaceutical, biotech, academic and healthcare
institutions globally. Our global team delivers and supports these
products and services through our industry-leading brands,
including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro,
Barkey and B Medical Systems.
Azenta is headquartered in Burlington,
Massachusetts, with operations in North America, Europe and Asia. For more information, please visit
www.azenta.com.
AZENTA CONTACTS:
Sara Silverman
Head of Investor Relations & Corporate Communications
ir@azenta.com
Sherry Dinsmore
sherry.dinsmore@azenta.com
"Safe Harbor Statement" under Section 21E of the Securities
Exchange Act of 1934
Some statements in this release are forward-looking statements
made under Section 21E of the Securities Exchange Act of 1934.
These statements are neither promises nor guarantees but involve
risks and uncertainties, both known and unknown, that could cause
Azenta's financial and business results and the forward-looking
statements in this release to differ materially from our
expectations. These statements are based on the facts known to
management at the time they are made. Forward-looking statements
include but are not limited to statements about: the nominees for
election to the Board, the expected impact each nominee may have on
Azenta, that two current independent directors will not be
nominated to stand for re-election at the 2024 Annual Meeting of
Stockholders and other statements about Azenta's 2024 Annual
Meeting of Stockholders. Factors that could cause results to differ
from our expectations include the following: our ability to reduce
costs effectively, the impact of the COVID-19 global pandemic on
the markets we serve, including our supply chain, and on the global
economy generally; the volatility of the life sciences markets
Azenta serves; our possible inability to meet demand for our
products due to difficulties in obtaining components and materials
from our suppliers in required quantities and of required quality;
the inability of customers to make payments to us when due; price
competition; disputes concerning intellectual property;
uncertainties in global political and economic conditions; our
ability to successfully invest the cash proceeds from the sale of
our semiconductor automation business; and other factors and other
risks, including those that we have described in our filings with
the Securities and Exchange Commission, including but not limited
to our Annual Report on Form 10-K, Current Reports on Form 8-K and
our Quarterly Reports on Form 10-Q. As a result, we can provide no
assurance that future results will not be materially different from
the forward-looking statements in this release. Azenta
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in our expectations or any change in events, conditions,
or circumstances on which any such statement is based. Azenta
undertakes no obligation to update the information contained in
this press release.
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