Waters Announces CEO's Retirement
Milford-based Waters Corp. announced its CEO will step down and a transition plan is being put into place.
Waters, which makes laboratory equipment, said 64-year-old Douglas A. Berthiaume plans to retire within the next 24 months. Berthiaume has held the top position since 1994 when Waters was separated from Millipore Corp., the company said. In 1996, he became chairman.
In a statement, Waters said the board of directors has appointed a succession planning committee that will guide the process to select Berthiaume’s successor. The committee plans to hire an executive search firm and will consider candidates from inside and outside the company.
“It has been a joy and a privilege to oversee the progress Waters Corp. has made over the past 20 years,” Berthiaume said. “We have developed and successfully commercialized many innovative instrument platforms that have helped transform our industry while improving human health, material science and the environment. Our future is bright, our team is strong, and we remain focused on continuing to grow the business and serve our customers well.”
Berthiaume went on to say that he will play an active role in the transition.
“We are grateful to Doug Berthiaume for his effective, energetic and enduring leadership of Waters Corp., and for the strong and stable management team that has been assembled to operate the business globally,” the board said in the statement.
In 2012, the company, which went public in 1995, posted revenues of $1.84 billion, a 500-percent growth during Berthiaume’s tenure as CEO.
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