ResMed appoints new chief executive officer

ResMed has announced the appointment of Michael Farrell as its next chief executive officer (CEO) and board member, effective as of March 1st 2013.

Mr Farrell is the son of current CEO, chairman and ResMed founder Dr Peter Farrell and joined the company in 2000, rising to the position of president of operations in the Americas in 2011, where he took responsibility for local sales and commercial activity.

His appointment coincides with the selection of Robert Douglas as the company's new president and chief operating officer, with Dr Farrell set to work with both new business leaders to manage the transition until the end of 2013, whereupon he will become ResMed's executive chairman.

Meanwhile, Dr Jim Hollingshead has taken over Mr Farrell's previous role as president for the Americas.

Dr Gary Pace, lead director of ResMed's board and chairman of the succession committee, said: "Mick's strengths and accomplishments leading sales, marketing, business development and commercial strategy teams equip him well to become ResMed's next CEO."

This comes after the firm last month announced a record revenue total of $376.5 million (246.62 million pounds) for the most recent business quarter.