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PerkinElmer's LAS Head to Replace Summe as CEO in February; Q2 Revenue, Profits Rise

NEW YORK (GenomeWeb News) — PerkinElmer today said Rob Friel, president of the company’s Life and Analytical Sciences business, will succeed Gregory Summe as CEO in February.
Initially, Friel will become president and chief operating officer of PerkinElmer on Aug. 1, and the firm expects him to be elected CEO six months later. At that time, Summe will become executive chairman of the board, a title he will retain through the annual shareholders meeting in April 2009, PerkinElmer said.
Friel joined the company in 1999 as chief financial officer and was appointed vice chairman, director, and president of the LAS business in 2006. In his new role, Friel will be responsible for both LAS and the Optoelectronics business.
John Roush will continue to lead the Optoelectronics business as president. The company does not intend to fill the LAS president position.
The company made the announcement as it reported that second-quarter revenues increased 16 percent, while R&D spending was up 9 percent and profit jumped 38 percent.
Total receipts for the three months ended July 1 increased to $437.3 million from $377 million year over year, PerkinElmer said. 
Revenue for the company’s Life and Analytical Sciences business was up 17 percent to $326.3 million and Optoelectronics revenue grew 13 percent to $111 million year over year.
R&D spending in the quarter increased to $27.3 million from $25 million year over year.
PerkinElmer said profit rose to $33.7 million from $24.5 million in the year-ago period.
PerkinElmer had around $150 million in cash and cash equivalents as of July 1.

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