FLIR Systems to Realign Operating Segment Structure

Date Announced: 30 Aug 2017

New CEO Jim Cannon rearranges the FLIR furniture; COO Tom Surran resigns.

WILSONVILLE, Ore., Aug. 30, 2017 (GLOBE NEWSWIRE) -- FLIR Systems, Inc. (FLIR) today announced that it will realign its business operations into three principle business units: Government and Defense, Industrial, and Commercial. With this consolidation, FLIR intends to reduce complexity, realize greater operating synergies, and enhance management focus. FLIR expects to report its financial results in accordance with this new operating structure beginning with its first quarter 2018 operating results.

FLIR’s new business units (BU) will operate as follows:

• Government and Defense: will consist of the current Surveillance and Detection segments, excluding the Outdoor and Tactical Systems (OTS) business. The Government and Defense BU will be led by FLIR President and CEO, Jim Cannon, until a permanent President is appointed. 
• Industrial: will consist of the current Instruments and OEM and Emerging segments, excluding the Intelligent Traffic Systems (ITS) business. Frank Pennisi, who joined FLIR in 2017 as Vice President and General Manager of the OEM and Emerging operating segment, will serve as President of the Industrial BU.
• Commercial: will consist of the current Maritime and Security segments, along with the ITS and OTS businesses.  Travis Merrill, currently FLIR’s Senior Vice President and Chief Marketing Officer, will serve as President of the Commercial BU.

“Streamlining our operations will enable growth and enhanced value creation across all of our businesses,” said Jim Cannon, President and CEO of FLIR. “I’ve spoken about my intent for us to fuel, feed, or focus various businesses in our portfolio and this realignment will enable and accelerate that pursuit.”

FLIR has scheduled a conference call on Tuesday, September 5^th, at 9:00 A.M. ET (6:00 A.M. PT) to discuss the realignment. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online from a link in the Events & Presentations section of the FLIR Investor Relations web page at www.FLIR.com/investor.

With this realignment, Tom Surran, Senior Vice President and Chief Operating Officer, has announced his resignation, effective September 30, 2017.   

"Since joining FLIR in 2004 through our acquisition of Indigo Systems, Tom has had an outsized impact on virtually all facets of the company’s operations and I would like to thank him for his extraordinary contributions to FLIR,” said Jim Cannon. “Although FLIR will undoubtedly miss Tom’s deep experience and leadership, we respect his decision to pursue other opportunities and wish him well in his future endeavors."

Source: FLIR Systems

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