Medical device company Lumenis (Nasdaq: LUME) announced on Friday that Avner Raz had assumed the position of CEO, and that as part of a planned reorganization, he intended to eliminate the position of COO held by Sagi Genger.
As a result, Sagi Genger will be stepping down and leaving the company on July 1, 2003, Lumenis said.
Sagi Genger is the son of Arie Genger, who became interim CEO of Lumenis after Yacha Sutton stepped down at the end of 2002. Arie Genger will continue to serve as vice chairman of the board of directors, Lumenis stated.
Lumenis chairman Professor Jacob Frenkel said, "We are grateful to Sagi Genger for his significant contributions to the company during the past four years, during which he served as CFO and COO. We thank him for his dedication, professionalism and contribution during the recent challenging times the company has faced."
Lumenis shares closed on Nasdaq on Friday at $2.28, down 5.8%, on a volume of 825,000 shares. Average daily volume is 523,000 shares.
Published by Globes [online] - www.globes.co.il - on 22 June, 2003