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Danaher Names Rainer Blair As Successor For CEO Thomas Joyce Jr.

Danaher Corp. (DHR) Wednesday said Executive Vice President Rainer Blair will succeed Thomas Joyce Jr. as President and Chief Executive Officer, effective September 1.

Blair will also become a member of the company's Board of Directors. Joyce will continue as a senior advisor at Danaher through February 28, 2021.

Blair joined Danaher in 2010 as President of North America & Europe for Videojet and was promoted to President of SCIEX in 2011. In 2014, Blair was promoted to Group Executive and in 2017 Executive Vice President, with overall responsibility for Danaher's Life Sciences platform.

Chairman Steven Rales said, "This announced transition comes at a time when Danaher has never been stronger or better positioned to compete given our attractive portfolio of businesses, seasoned leadership team, and Danaher Business System culture. The selection of Rainer to succeed Tom reflects the culmination of our ongoing succession planning process."

Meanwhile, Danaher reported first-quarter profit of $575.5 million or $0.81 per share, up from $327.3 million or $0.46 per share last year.

Adjusted earnings for the quarter rose to $1.05 per share from $0.99 per share last year.

Revenue for the quarter rose 2.8% to $4.34 billion from $4.22 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.01 per share on revenues of $4.29 billion for the quarter.

Looking forward, Danaher anticipates second-quarter adjusted core revenue growth including Cytiva to be in the range of about flat to down 10%.

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