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Technology Stocks : Thermo Electron (TMO) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Goodman who wrote (321)	3/16/1999 12:19:00 PM
From: appro	Read Replies (2) \| Respond to of 450

>>AMEX Boss To Head Thermo Electron WALTHAM, Mass. (AP) - Richard F. Syron is stepping down as chairman and chief executive of the American Stock Exchange and will become chief executive of the medical instruments and equipment maker Thermo Electron Corp. (NYSE:TMO - news) Syron, who was formerly president of the Federal Reserve Bank of Boston, became head of the American Stock Exchange in 1994. He will be leaving that post in June, seven months after the Amex became a division of the National Association of Securities Dealers. At Thermo Electron, he will replace George N. Hatsopoulos as chief executive. Hatsopoulos, 72, has headed the company since founding it in 1956. He will remain as chairman. Syron, 55, has been a director of Thermo Electron since September 1997. He also will be president of Thermo Electron. Arvin Smith, now the president, will stay with the company as an advisor. A native of Watertown, Syron was recruited for the Federal Reserve post in 1989 by Hatsopoulos, who had been a Federal Reserve Bank board member. Syron was chief executive of the Federal Home Loan Bank of Boston before that. Thermo Electron has 25,000 employees, and had sales last year of $3.9 billion. But profits have dropped, and the company is being reorganized. The company said Monday that its first quarter profits would be about 15 cents a share, short of the 19 cents that analysts had expected. Thermo Electron created companies around technologies it developed, and then sold minority interest in them to the public, retaining 60 to 90 percent ownership It has 23 such companies and plans to reduce that to 16 by the end of this year. Hatsopoulos said Syron was chosen to succeed him after the company hired a search firm and interviewed more than 30 candidates. ''My health is very good, but I got tired of working 70 hours a week,'' Hatsopoulos said. ''This was an extraordinary opportunity,'' said Syron. Hatsopoulos's brother, John Hatsopoulos, 64, retired in January as president of Thermo Electron. He will remain as vice chairman. <<<<< from:http://dailynews.yahoo.com/headlines/ap/financial/story.html?s=v/ap/19990316/bs/syron_thermo_electron_1.html