By Melodie Warner
Affymetrix Inc. (AFFX) named Gavin Wood chief financial officer
and executive vice president to succeed Tim Barabe, who intends to
retire June 28.
Mr. Wood joined Affymetrix in 2006 and most recently served as
vice president of finance and international controller, responsible
for Europe and the Asia Pacific region.
"I firmly believe that we need a CFO that understands the
dynamics of our business and has the knowledge and energy to drive
change in an organization that is in transformation," said
President and Chief Executive Frank Witney. "As a senior leader of
our international team since 2006, Gavin has consistently proven
that he can do that."
Affymetrix warned last month its first-quarter revenue would
miss Wall Street views due to continued headwinds in its gene
expression business, particularly in Japan.
The provider of genetic analysis technologies to pharmaceutical,
diagnostic and biotechnology companies also said in January it
would target annual savings of roughly $25 million through a
restructuring plan that included job cuts.
Mr. Barabe, who joined Affymetrix about three years ago, has
held a range of financial and strategic roles in the life sciences
and health-care industries, including Human Genome Sciences Inc.
and Novartis AG (NVS).
Shares closed Friday at $3.69 and were inactive premarket. The
stock is up 16% so far this year.
Write to Melodie Warner at melodie.warner@dowjones.com
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