Idexx Laboratories sees change at the top – board confident in future performance
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Idexx Laboratories sees change at the top – board confident in future performance

In one of the sadder stories this month, news has broken that Idexx Laboratories chairman, president and CEO, Jonathan Ayers, is taking a leave of absence due to serious injuries sustained in a bicycling accident at the end of June. Ayers has been a driving force behind Idexx, which is the market leader in early diagnostic tools for veterinarians, and an enabler of much of today’s medical pet-pampering. Filling in for Ayers as president and CEO will be Jay Mazelsky, executive vice president of the company’s outperforming companion animal group.

Idexx’s share price is up by 50% year to date

Idexx July 10

Source: Yahoo Finance

Mr. Mazelsky will take on Mr. Ayers’ day-to-day workload and collaborate closely with other senior figures: chief financial officer Brian McKeon, and independent lead director of the board Larry Kingsley. In a statement, Mr. Kingsley said:

“First and foremost, we support Jon and his family and wish him a speedy and full recovery. Jon is a passionate, dedicated and well-respected leader of IDEXX. Jon has expressed his confidence in Jay, Brian and IDEXX's talented leadership team to continue to advance the Company's Purpose to enhance the health and well-being of pets, people, and livestock. IDEXX is well-positioned for the future, and the Board is confident that IDEXX's extremely capable executives and employees will continue successfully executing the Company's strategy and creating value for shareholders.”

Mazelsky is an Idexx veteran, having joined the company seven years ago, before which he worked as a general manager at a number of Phillips Healthcare businesses. This new interim appointment will be a test for him, but there is no doubt that he has the backing of a strong senior team, and that Ayers has left the business in great shape for him.

Disclosure

Dominion holds Idexx Laboratories in its Global Trends Managed Fund.


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