Waters Corp., a Milford-based company that designs, manufactures, and sells analytical technologies, said Tuesday that Douglas A. Berthiaume has communicated his intention to retire as chief executive within the next 24-four months.
In a press release, the company added that it will consider both internal and external candidates in its search for a successor.
Berthiaume, who is 64, was appointed president and CEO of Waters in 1994 when the business was separated from Millipore Corporation; he assumed the additional role of chairman in 1996.
During his tenure, the company has achieved a more than 500 percent increase in revenues to $1.84 billion for the 2012 fiscal year, and a more than twenty-five fold increase in its share price since the initial public offering in 1995, Waters said in a press release.
The company’s board of directors has appointed a succession planning committee that will guide the process of selecting a successor, and plans to engage an executive search firm to assist in a search that will consider both internal and external candidates.
“It has been a joy and a privilege to oversee the progress Waters Corporation has made over the past twenty years,” Berthiaume said in a statement. “We have developed and successfully commercialized many innovative instrument platforms that have helped transform our industry while improving human health, material science and the environment. Our future is bright, our team is strong, and we remain focused on continuing to grow the business and serve our customers well. I am committed to playing an active role in assuring a successful transition.”