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Former Gen-Probe CEO Carl Hull Leaving Hologic

NEW YORK (GenomeWeb News) – Carl Hull is leaving Hologic earlier than planned, the company announced after the close of the market on Tuesday.

In a document filed with the US Securities and Exchange Commission, Hologic said that his retirement from the firm becomes effective Feb. 15.

Hull has served as senior vice president and general manager of diagnostics for Hologic following its acquisition of Gen-Probe. Hologic originally said that Hull, who was chairman and CEO of Gen-Probe, would stay on for a minimum of 15 months to help direct the diagnostics business, but as the ongoing integration of Gen-Probe is proceeding ahead of schedule and a "solid foundation" has been created for the diagnostics segment, Hologic accelerated the timing of several planned organization changes, it said.

Hull will remain as a consultant for Hologic up to mid-August. According to Hologic's SEC document, Hull will receive all earned and unpaid compensation as well as a lump sum payment of $2.4 million payable on Aug. 15, 2013. He also will get a lump sum retention bonus of $3.2 million, the vesting of 133,333 restricted stock units, and vested equity awards or any other vested retirement benefits.

Hologic also announced the appointment of Rohan Hastie as senior vice president and group general manager for diagnostics, which now includes overseeing the segment's women's health and virology businesses and the US diagnostics sales team. Hastie was a vice president and general manager within the women's health group of the firm's diagnostics segment.

Additionally, Eric Tardif, senior vice president of commercial operations for diagnostics, is assuming the role of senior vice president of corporate strategy and will help Hologic President and CEO Rob Cascella and other managers determine the company's long-term goals.

Hologic also said that it is on track to realize more than $40 million in cost synergies by the end of the first year following its acquisition of Gen-Probe. An additional $35 million in cost synergies is expected to be realized by the end of the third year. The company also continues driving revenue synergies by using its global sales and marketing resources "to capitalize on cross-selling opportunities to leverage its expanded molecular diagnostics product portfolio," it said in a statement.