Bard CFO Todd Schermerhorn to retire
This article was originally published in Clinica
CR Bard's chief financial officer Todd Schermerhorn has announced plans to retire, after 26 years with the company. He will continue to serve as CFO during a transition period expected to last until the end of this month, while his successor is elected. Mr Schermerhorn joined Bard in 1985 as a financial analyst, and held various financial positions until he was promoted to CFO in April 2003 (www.clinica.co.uk, 7 March 2003). The news of his retirement comes soon after Murray Hill, New Jersey-based Bard reported a disappointing second quarter, making a net loss of $47.8m after incurring litigation charges related to its recalled hernia products (www.clinica.co.uk, 25 July 2011). The company recorded 8% year-on-year revenue growth, at $725m, but was hampered by challenging conditions in its domestic market, where sales were up just 3%.