Panbio names new CEO

Brisbane medical diagnostics developer Panbio (ASX:PBO) has successfully completed a seven-month search for a new CEO in what executive chairman Jim Kalokerinos has described as a "longer process than hoped."

Paul Nitz, who is currently general manager of Abbott Diagnostics Indonesia, has been appointed as CEO and managing director effective 1 December this year. Former CEO Jim Porter stepped down in March.

"At one stage we wanted a CEO with Australian board experience and industry knowledge -- we had some potential candidates and felt it was better if we had both," Kalokerinos said. "We feel the company needs someone with a strong understanding of the business and the world-wide diagnostic industry."

Kalokerinos is confident Nitz has the diagnostic experience necessary for the role. "There will be a lot of support from the board. Paul brings with him experience from one of our largest markets -- South-East Asia. Abbott Diagnostics is the Indonesia's largest supplier of diagnostic products -- he has a good understanding of what is involved."

Nitz co-founded PT Pasifik Ichsan, an Indonesian manufacturer of specialty chemical and enzyme products for the textile and garment finishing industry and was general manager of the company from 1995 to 2002. From 1993-1994 Nitz was a software engineer with the AxSYM R&D group at Abbott Diagnostics in Texas.

"The Abbott AxSYM is one of the most successful automated immunoassay analysers ever developed to perform blood analysis for various biological and infectious disease markets," said Kalokereinos.

Nitz will return to Australia following a 13-year absence.

Board changes

Kalokerinos, who took on the role as executive chairman following the resignation of John Lee three weeks ago, will continue with Panbio as non-executive chairman until a new independent chairman is appointed.

"The appointment of Paul as new CEO is a positive move for the company," Kalokerinos said. "We hope to have a more independent board sooner rather than later and are on target for the transition to be finalised by March next year."

Director Les Watson also agreed to step down by the end of the transition phase.