After 13 years at the helm of FLIR Systems [FLIR], the company on Friday said that Earl Lewis will retire next month as president and CEO and will be succeeded by Andrew Teich, president of the company’s Commercial Systems division.
Teich has led the Commercial Systems division since 2010. The division develops and produces thermal imaging products for industrial and commercial markets.
Teich won out to lead FLIR over two other company executives, Bill Sundermeier, who is president of the Government Systems division, and Tony Trunzo, chief financial officer.
Lewis, who became chairman, president and CEO of FLIR in 2000, will assume a senior adviser role to the company to help with the transition and remain chairman. The management change takes effect on May 19.
Also on Friday, FLIR reported first quarter financial results, with net income up 7 percent to $51.6 million, 35 cents earnings per share (EPS), from $48.1 million (31 cents EPS), on flat revenues of $348.5 million.
Sales in the Commercial Systems division were up 5 percent to $211.8 million while Government Systems sales declined 6 percent to $136.8 million. FLIR reaffirmed its sales outlook for 2013 at between $1.5 billion and $1.6 billion and per share earnings between $1.56 and $1.66.