San Clemente-based medical device maker ICU Medical Inc. said today that Dr. George Lopez has stepped down as chief executive, citing reasons of health.
Lopez, who founded ICU in 1984, will remain chairman and take a new position within the company’s research and development department.
ICU makes needleless intravenous connectors and other medical devices.
Steven Riggs was named acting chief executive while a search for a new CEO that will consider internal and external candidates proceeds.
Riggs has been with ICU since 1998 and was serving as vice president of operations.
ICU also reported its third-quarter financial results.
Profits fell 10% to $11 million but beat analysts’ estimates of $10.3 million.
ICU’s third-quarter revenue rose 2% to $82.8 million. Wall Street expected revenue of $82.6 million in the quarter.
Shares of the company fell 3% today to a market value of about $935 million.