Syneron Medical Ltd. (Nasdaq: ELOS) has replaced CEO Doron Gerstel with Lou Scafuri, effective immediately. The Yokne'am-based aesthetic surgical systems maker earlier laid off 10% of its workforce. Gerstel was appointed CEO in May 2007.
Syneron explained the measure thus: "This change in leadership is part of the restructuring process initiated by the company, under the guidance of the board of directors to better prepare the company for the changing conditions in the global professional aesthetic market."
Scafuri previously served as COO and president of Milwaukee-based GE Marquette Medical Systems. He was instrumental in the acquisition of the company by GE Medical Systems.
Scafuri will be Syneron's fourth CEO in the eight years since chairman Dr. Shimon Eckhouse founded the company, a rather rapid churn rate. Commenting on the rapid managerial replacement rate several months after Gerstel took up his post, he told "Globes", "The phrase 'the right manager' depends on the circumstances. There are managers that suit an early-stage company, but when it develops they find it difficult to keep their positions."
Syneron fell 1% yesterday to $6.95.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2009
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