SALT LAKE CITY – (COMMERCIAL THREAD) – Varex Imaging Corporation (Nasdaq: VREX) today announced that effective July 27, 2020, Shubham “Sam” Maheshwari has joined Varex as Chief Financial Officer (CFO), where he will lead the finance and IT organizations of the society.
“We are delighted that Sam is joining the Varex team,” said Sunny Sanyal, President and CEO of Varex. “Sam brings to Varex more than 20 years of experience in finance with high-tech private and public companies, and his experience will be instrumental in leading Varex to its next stage of growth. ”
Sam joins Varex after working at SiFive, Inc., a leading provider of hardware and software solutions for the development of RISC-V processors and semiconductor chips, where he served as CFO. Prior to SiFive, Sam served six years as CFO, then CFO and COO, of Veeco Instruments Inc. (Nasdaq: VECO), a manufacturer of semiconductor processing equipment. Previously, he held notable positions including Senior Vice President of Finance for semiconductor company Spansion, Inc., where he helped lead the company through its restructuring and IPO in 2010, and over 10 years in various leadership roles including Vice President of Mergers and Acquisitions and Corporate Controller at KLA-Tencor Corp., a global semiconductor equipment company. Sam holds an MBA in Finance from Wharton and a BS in Chemical Engineering from the Indian Institute of Technology in Delhi.
“I am particularly happy to join Varex, a company with strong competitive advantages and growth potential. I look forward to applying my knowledge and financial experience to help Varex meet its margin and profitability goals, ”said Sam Maheshwari, Chief Financial Officer of Varex.
Sam replaces Clarence Verhoef, who announced in February that he would be retiring as chief financial officer of Varex. In accordance with its transition agreement, Clarence will continue as a non-executive employee of Varex to ensure a smooth transition. “On behalf of all of us at Varex, I would like to thank Clarence for his 15 years of service with Varex and Varian Medical Systems, Inc., especially over the past four years through the creation and spin-off of Varex as as an independent public enterprise. ” Sanyal said. “We thank Clarence for his leadership and wish him all the best. ”
Varex Imaging Corporation is a leading innovator, designer and manufacturer of x-ray imaging components, which include x-ray tubes, digital detectors and other image processing solutions which are key components X-ray imaging systems. With over 70 years of successful innovation history, Varex products are used in medical imaging as well as industrial and security imaging applications. Global OEMs integrate the company’s x-ray sources, digital detectors, connector devices, and imaging software into their systems to detect, diagnose, protect and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,000 people in manufacturing and service centers across North America, Europe and Asia. For more information, visit vareximaging.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements regarding industry or market prospects; future strategic goals; future financial objectives, results or performance; and any statement using the terms “believe”, “expect”, “future”, “will”, “could”, “estimate”, “potential” or similar statements are forward-looking statements that involve risks and uncertainties. that could cause the actual results of the business to differ materially from those anticipated. Although forward-looking statements are based on assumptions and analyzes that we have made and that we believe are reasonable under the circumstances, the question of whether actual results and developments will meet our expectations and predictions depends on a number of risks. and uncertainties that could cause our actual results, performance and financial position to differ materially from our expectations. These risks and uncertainties include the severity and duration of the COVID-19 pandemic and its impact on the global economy; supply chain and work disruptions due to COVID-19 or other; not reap the expected benefits of ongoing or future restructuring or cost reduction activities; our ability to obtain the expected benefits and synergies from facility acquisitions and consolidations; global economic conditions; demand for and delays in the delivery of the Company’s or its customers’ products; the impact of reduced or limited demand by buyers for certain x-ray products; the impact of competitive products and prices; and other risks listed from time to time in our filings with the United States Securities and Exchange Commission, which by reference are incorporated herein. All forward-looking statements we make in this press release speak only as of the date on which they are made. Factors or events that could cause our actual results to vary may occur from time to time, and we cannot predict all of them. The company assumes no obligation to update or revise any forward-looking statements in this press release as a result of new information, future events or otherwise.