After nearly a half-year search, Nypro Inc.'s board of directors named in-house candidate Ted Lapres as its new president and chief executive officer.
Board Chairman Gordon Lankton announced the selection of Lapres, an 18-year Nypro veteran who has served as acting president since Feb. 1, in a letter to employees July 20.
``In the last four months or so, we've focused very hard on how to structure the company so that we can best serve our customers. We've announced some areas of consolidation that are crucial so that we are better positioned in strategic areas of growth. We have to try to get a strong focus on profitability,'' Lapres said in a phone interview.
Lapres is well-known to insiders as he has served as chief financial officer and a member of the board of directors for the past four years. He also worked for five years as president of the Nypro Foundation, the company's nonprofit charitable trust.
Working for an employee-owned company isn't easy, Lapres said. ``It's a challenge. There are certain financial demands that a public company doesn't have, but we still want to grow as a global company,'' he said.
Lapres said that he doesn't foresee a big change in direction.
``We've always been big in innovation in technology and we will continue to do that because it can create more value for our customers,'' he said.
Lapres, who joined Nypro in 1988 as corporate controller, was named acting president in February after former president and CEO Brian Jones resigned, citing differences with the board. Lapres is Nypro's fourth president, joining Jones, Lankton, and the late Fred Kirk (1955-62).
``The Board of Directors of Nypro Inc. has overseen a six-month search to identify the right person to lead Nypro and to further our successful 50-year record into the future,'' Lankton said in a news release. ``During this period, Ted and his leadership team of seasoned managers have reorganized the company into market segments that bring us closer to our customers, consolidated businesses, created a new opportunity for diversity supply and enhanced profitability in their company's first billion-dollar year. The board and I look forward to continued success led by Ted and his team,''
Nypro sales for the June 30 fiscal year-end exceeded $1 billion for the first time.