Ann: OFFICE: FPH: CEO Announces Intention to Retire, Successor Appointed

• Release Date: 27/08/15 12:08
• Summary: OFFICE: FPH: CEO Announces Intention to Retire, Successor Appointed
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					FPH
27/08/2015 12:08
OFFICE
PRICE SENSITIVE
REL: 1208 HRS Fisher & Paykel Healthcare Corporation Limited

OFFICE: FPH: CEO Announces Intention to Retire, Successor Appointed

FISHER & PAYKEL HEALTHCARE'S MD/CEO MICHAEL DANIELL ANNOUNCES INTENTION TO
RETIRE, LEWIS GRADON APPOINTED AS SUCCESSOR
Auckland, New Zealand, 27 August 2015 - Fisher & Paykel Healthcare
Corporation Limited today announced that Managing Director and Chief
Executive Officer, Michael Daniell, has advised the company's board that he
intends to retire by the end of the current financial year. He will remain as
a director on the Fisher & Paykel Healthcare board.
The company's board has conducted a comprehensive process to consider
internal and external candidates and has selected Mr Lewis Gradon, currently
the company's Senior Vice President of Products and Technology, to succeed Mr
Daniell as Managing Director and Chief Executive Officer. Mr Gradon (54), who
has been with the company for 32 years, has served as the company's Senior
Vice President - Products and Technology since 2001 and held the position of
General Manager - Research and Development from 1996.
"Lewis currently leads a significant part of the business, including R&D,
clinical research, manufacturing and supply chain and has contributed hugely
to the development and successful execution of our international growth
strategy. Under Lewis' leadership the company will be well postioned for
ongoing growth as we near our next target of more than NZ$1 billion in
revenue," said Tony Carter, Fisher & Paykel Healthcare's Chairman.
"The board wishes to acknowledge Mike's outstanding contribution to the
company and his distinguished tenure as CEO. Over more than 25 years Mike has
led an innovative, rapidly expanding team, which has grown the business more
than twenty fold.
"Mike is an exceptional Chief Executive Officer and has helped Fisher &
Paykel Healthcare succeed in a competitive global environment. During his
tenure as CEO, Fisher & Paykel Healthcare has achieved strong revenue and
earnings growth despite the challenges of an appreciating NZ dollar and the
impacts of the global financial crisis. He has driven the company's
successful diversification from our traditional invasive ventilation market,
initially into the obstructive sleep apnea market and more recently with the
extension of the company's products into non-invasive ventilation, oxygen
therapy and surgery.
"Mike's leadership skills have been recognised with a number of accolades
including Entrepreneur of the Year at the NZ Engineering Excellence Awards,
Deloitte/Management Top200 Executive of the Year in 2013 and the INFINZ
leadership award this year.
"Given Mike's global medical device experience and extensive knowledge of the
markets in which the company operates we believe that it is beneficial to
retain Mike's skills within the business. We have therefore invited him to
remain on the Board as a non-executive Director when he retires as MD and CEO
at the end of this financial year and we are pleased that Mike has accepted
this invitation. Mike will stand for election at the next Annual
Shareholders' Meeting and we look forward to his continued contribution on
the Board" said Mr Carter.
"It has been my privilege to be part of an exceptional worldwide team for the
past 36 years. Underpinning our success over many decades has been an
unwavering belief in providing innovative medical devices that help to
improve patient care and outcomes. I have decided that the time is now right
for me to initiate the process of moving from an executive role into
governance roles.
"I'm delighted that the board has chosen Lewis as my successor. The company's
ongoing opportunities for growth are very exciting, serving more and more
patients around the world and helping to increase both effectiveness and
efficiency of care," said Mr Daniell.

Mr Gradon said that it was a great honour for him to be selected as the
company's next Managing Director and CEO. "Under Mike's leadership, Fisher &
Paykel Healthcare has become one of New Zealand's most successful companies
and a clear global leader in its field. I am fully supportive of the decision
to invite Mike to remain on the Board and I look forward to working with him
and the rest of the Board. The company is in a strong position, with a
talented team and ample opportunities to continue the company's strong
growth."

About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer
of products and systems for use in respiratory care, acute care, surgery and
the treatment of obstructive sleep apnea.  The company's products are sold in
over 120 countries worldwide. For more information about the company, visit
our website www.fphcare.com.
End CA:00269178 For:FPH    Type:OFFICE     Time:2015-08-27 12:08:54